A left ideal of any C-algebra is an example of an operator algebra with a right contractive approximate identity (r.c.a.i.)-Indeed, left ideals in C'-algebras may be characterized as the class of such operator algebras, which happen also to be triple systems. Conversely, we show here and in a sequel to this paper, that operator algebras with r.c.a.i. should be studied in terms of a certain left ideal of a C-algebra. We study left ideals from the perspective of 'Hamana theory' and using the multiplier algebras of an operator space studied elsewhere by the author. More generally, we develop some general theory for operator algebras which have a 1-sided identity or approximate identity, including a Banach-Stone theorem for these algebras, and an analysis of the 'multiplier operator algebra'.2000 Mathematics subject classification: primary 46L05, 46L07,47L30; secondary 46H10, 47L75.