  In 1983 Felderhof, Ford and Cohen gave microscopic explanation of the famous
Clausius-Mossotti formula for the dielectric constant of nonpolar dielectric.
They based their considerations on the cluster expansion of the dielectric
constant, which relates this macroscopic property with the microscopic
characteristics of the system. In this article, we analyze the cluster
expansion of Felderhof, Ford and Cohen by performing its resummation
(renormalization). Our analysis leads to the ring expansion for the macroscopic
characteristic of the system, which is an expression alternative to the cluster
expansion. Using similarity of structures of the cluster expansion and the ring
expansion, we generalize (renormalize) the Clausius-Mossotti approximation. We
apply our renormalized Clausius-Mossotti approximation to the case of the
short-time transport properties of suspensions, calculating the effective
viscosity and the hydrodynamic function with the translational self-diffusion
and the collective diffusion coefficient. We perform calculations for
monodisperse hard-sphere suspensions in equilibrium with volume fraction up to
45%. To assess the renormalized Clausius-Mossotti approximation, it is compared
with numerical simulations and the Beenakker-Mazur method. The results of our
renormalized Clausius-Mossotti approximation lead to comparable or much less
error (with respect to the numerical simulations), than the Beenakker-Mazur
method for the volume fractions below $ \phi \approx 30\% $ (apart from a small
range of wave vectors in hydrodynamic function). For volume fractions above
$\phi \approx 30 \%$, the Beenakker-Mazur method gives in most cases lower
error, than the renormalized Clausius-Mossotti approximation.
