On the basis of the one--band t-t'-Hubbard model a self-consistent
renormalization theory of magnetic short--range order (SRO) in the paramagnetic
phase is presented combining the four-field slave-boson functional-integral
scheme with the cluster variational method. Contrary to previous SRO approaches
the SRO is incorporated at the saddle-point and pair-approximation levels. A
detailed numerical evaluation of the theory is performed at zero temperature,
where both the hole- and electron-doped cases as well as band-structure effects
are studied. The ground--state phase diagram shows the suppression of magnetic
long-range order in favour of a paramagnetic phase with antiferromagnetic SRO
in a wide doping region. In this phase the uniform static spin susceptibility
increases upon doping up to the transition to the Pauli paraphase. Comparing
the theory with experiments on high--T_c cuprates a good agreement is found.Comment: 33 pages, 4 Postscript figure