We give a detailed account of the recently formulated generalized vector dominance/colour-dipole picture (GVD/CDP) of deep-inelastic scattering at low x ∼ = Q 2 /W 2 , including photoproduction. The approach, based on γ * (qq) transitions, qq propagation and diffractive (qq)p scattering via the generic structure of the two-gluon exchange, provides a unique and quantitatively successful theory for the γ * p total cross section, σ γ * p (W 2 , Q 2 ), at low x. The GVD/CDP is shown to imply the empirical low-x scaling law, σ γ * p (W 2 , Q 2 ) = σ γ * p (η) with η = (Q 2 + m 2 0 )/Λ 2 (W 2 ), that was established by a model-independent analysis of the experimental data.