  A left ideal of any C*-algebra is an example of an operator algebra with a
right contractive approximate identity (r.c.a.i.). Conversely, we show here and
in a `pre-quel' to this paper [B], that operator algebras with r.c.a.i. should
be studied in terms of a certain left ideal of a C*-algebra. We study operator
algebras and their multiplier algebras from the perspective of `Hamana theory'
and using the multiplier algebras introduced by the first author.
