Baryon Chiral Perturbation Theory A.D. 1994

In these lectures, the status of baryon chiral perturbation theory is reviewed. Particular emphasis is put on the two–flavor sector and the physics related to electromagnetic probes. I discuss in some detail the structure of the effective Lagrangian at next–to–leading order, the meaning of low–energy theorems in Compton scattering and pion photoproduction and confront the chiral predictions with the existing data. Some remaining problems and challenges are outlined.