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From the customary view the Michelson-Morley experiment is used to expose thefailure of the aether theory. The key point in this experiment is the\emph{fringe shift} of the interference pattern. Regularly, the fringe shiftcalculations are only presented from the perspective of the inertial framewhere the one-way speed of light is anisotropic which gives a partial vision ofthe problem. In a spirit of revision of these facts we have meticulouslyanalyzed the physics behind them. As a result, an angular effect which is basedon Huyghens principle and plays a fundamental role in the reflection of lightwaves at moving mirrors is incorporated. Moreover, under the assumption of anull result in the experiment, on the one hand, the fringe shift conditionsdemand actual relativistic effects; on the other, it is confirmed thatMaxwell's electrodynamics and Galilean relativity are incompatibleformulations. From these two points at least three inertial theories follow:(1) the special theory of relativity (SR), (2) a new aether theory (NET) basedon the Tangherlini transformations and (3) emission theories based on Ritz'modification of electrodynamics. A brief review of their physical content ispresented and the problem of the aether detection as well as the propagation oflight, within the context of SR and the NET, are discussed. Despite theoverwhelming amount of evidences that apparently favors SR we claim that thereare no strong reasons to refuse the aether which conceived as a continuousmaterial medium, still stands up as a physical reality and could be physicallyassociated with dark matter, the cosmic background radiation and the vacuumcondensates of particle physics.

The Physics Surrounding the Michelson-Morley Experiment and a New {\AE}ther Theory