It is argued that in his critique of standard nonrelativistic quantum mechanics Einstein formulated three requirements as necessary for a physical theory to be compatible with the field-theorectical paradigm, and it is shown that local, relativistic, algebraic quantum field theory typically satisfies those criteria-although, there are still open questions concerning the status of operational separability of quantum systems localized in space like separated space-time regions. It is concluded that local algebraic quantum field theory can be viewed as a research program (...) that Einstein suggested informally in 1948 and that was realized only later in mathematical physics. (shrink)