The standard coordinate-based formulation of the space-time theory of special relativity (Minkowski geometry) is philosophically unsatisfactory for various reasons. We here present an explicit axiomatic formulation of that theory in terms of primitives with a definitive physical interpretation, prove its equivalence to the standard coordinate formulation, and draw various philosophical conclusions concerning the physical content and assumptions of the space-time theory. The prevalent causal interpretation of physical Minkowski geometry deriving from Reichenbach is criticised on the basis of the present formulation.