We present an exchange-antisymmetric calculation of the particle-hole interaction in the low-density electron liquid. Long-range screening of the Coulomb interaction is incorporated in a self-consistent manner, and we discuss the general method of incorporating screening, both long range and short range, within this framework. The scattering amplitude is separated into a short-range direct part and a long-range induced interaction. The short-range part includes the effects of short-range electron-electron correlations phenomenologically via polarization potentials. The long-range piece arises from the exchange of particle-hole excitations. These particle-hole excitations provide the screening of the bare Coulomb interaction in the {ital q}{r arrow}0 limit.