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When is an increasing union a colimit?

Let's consider a diagram $\Phi: \lambda \to \mathcal{T}_*$ $$ X_0 \to X_1 \to \cdots \to X_\xi \to X_{\xi+1} \to \cdots $$ of pointed spaces, indexed by some ordinal $\lambda$, in which each $X_\xi$ ...
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