We initiate a deep study of Riesz MV-algebras which are MV-algebras endowed with a scalar multiplication with scalars from \([0,1]\). Extending Mundici’s equivalence between MV-algebras and \(\ell \)-groups, we prove that Riesz MV-algebras are categorically equivalent to unit intervals in Riesz spaces with strong unit. Moreover, the subclass of norm-complete Riesz MV-algebras is equivalent to the class of commutative unital C\(^*\)-algebras. The propositional calculus \({\mathbb R}{\mathcal L}\) that has Riesz MV-algebras as models is a conservative extension of Łukasiewicz \(\infty \)-valued propositional calculus and is complete with respect to evaluations in the standard model \([0,1]\). We prove a normal form theorem for this logic, extending McNaughton theorem for Ł ukasiewicz logic. We define the notions of quasi-linear combination and quasi-linear span for formulas in \({\mathbb R}{\mathcal L},\) and relate them with the analogue of de Finetti’s coherence criterion for \({\mathbb R}{\mathcal L}\).