The purpose of this paper is to survey the correspondence between bounded arithmetic and propositional proof systems. In addition, it also contains some new results which have appeared as an extended abstract in the proceedings of the conference TAMC 2008 [11].Bounded arithmetic is closely related to propositional proof systems; this relation has found many fruitful applications. The aim of this paper is to explain and develop the general correspondence between propositional proof systems and arithmetic theories, as introduced by Krajíček and (...) Pudlák [46]. Instead of focusing on the relation between particular proof systems and theories, we favour a general axiomatic approach to this correspondence. In the course of the development we particularly highlight the role played by logical closure properties of propositional proof systems, thereby obtaining a characterization of extensions of EF in terms of a simple combination of these closure properties (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim). (shrink)