  The only available quantitative description of the slowing down of the
dynamics upon approaching the glass transition has been, so far, the
mode-coupling theory, developed in the 80's by G\"otze and collaborators. The
standard derivation of this theory does not result from a systematic expansion.
We present a field theoretic formulation that arrives at very similar
mode-coupling equation but which is based on a variational principle and on a
controlled expansion in a small dimensioneless parameter. Our approach applies
to such physical systems as colloids interacting via a mildly repulsive
potential. It can in principle, with moderate efforts, be extended to higher
orders and to multipoint correlation functions.
