Abstract: The polarizer comprises a layer of cholesteric liquid crystal with Grandjean structure disposed in the path of the light and in which the light in a given wavelength range is reflected with selective and circular polarization or is transmitted with reversed direction of rotation, and a mirror which reversed the direction of rotation of the circular- polarized light. The component reflected by the mirror is also transmitted. If the liquid crystal layer is concentric with the source of natural light and the mirror is spherical, the result is a source of circular polarized light. A projection system is obtained by a combination of two of the aforementioned polarizers, one serving as a polarizer and one as an analyzer, and an interposed liquid crystal display cell for modulating the intensity of the polarized light.