A rack, which is the algebraic distillation of two of the Reidemeister moves, is a set with a binary operation such that right multiplication is an automorphism. Any codimension two link has a fundamental rack which contains more information than the fundamental group. Racks provide an elegant and complete algebraic framework in which to study links and knots in 3–manifolds, and also for the 3–manifolds themselves. Racks have been studied by several previous authors and have been called a variety of names. In this first paper of a series we consolidate the algebra of racks and show that the fundamental rack is a complete invariant for irreducible framed links in a 3–manifold and for the 3–manifold itself. We give some examples of computable link invariants derived from the fundamental rack and explain the connection of the theory of racks with that of braids.
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