We establish new, and surprisingly tight, connections between propositional proof complexity and finite model theory. Specifically, we show that the power of several propositional proof systems, such as Horn resolution, bounded-width resolution, and the polynomial calculus of bounded degree, can be characterised in a precise sense by variants of fixed-point logics that are of fundamental importance in descriptive complexity theory. Our main results are that Horn resolution has the same expressive power as least fixed-point logic, that bounded-width resolution captures existential least fixed-point logic, and that the polynomial calculus with bounded degree over the rationals solves precisely the problems definable in fixed-point logic with counting. By exploring these connections further, we establish finite-model-theoretic tools for proving lower bounds for the polynomial calculus over the rationals and over finite fields.