We characterize the collapse of Buss' bounded arithmetic in terms of the provable collapse of the polynomial time hierarchy. We include also some general model-theoretical investigations on fragments of bounded arithmetic.

The bounded arithmetic theory S2 is finitely axiomatized if and only if the polynomial hierarchy provably collapses. If T2i equals S2i + 1 then T2i is equal to S2 and proves that the polynomial time hierarchy collapses to ∑i + 3p, and, in fact, to the Boolean hierarchy over ∑i + 2p and to ∑i + 1p/poly.