There’s an article in The Guardian by one Natasha Pulley which posits that proper fantasy world-building can’t be accomplished in a short story, and that’s why so many fantasy novels these days are a) hefty and b) continued in multi-volume series.
I offer the following counterpoints:
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the short fantasies of Michael Swanwick (for example, “The Dragon Line” or “Radio Waves”)
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the very existence of the Magazine of Fantasy and Science Fiction
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…and Beneath Ceaseless Skies
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…and Fantasy Faction
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…and so forth.