In a major revision of my earlier theoretical work on religion, I attempt to identify and connect the basic micro elements and processes underlying religious expression. I show that all primary aspects of religion-belief, emotion, ritual, prayer, sacrifice, mysticism, and miracle-can be understood on the basis of exchange relations between humans and supernatural beings. Although I utilize a cognitive definition of religion, this new version of the theory is especially concerned with the emotional and expressive aspects of religion. Along the way I also clarify the difference between religion and magic and this sets the stage for explaining the conditions under which religion (but not magic) can require extended and exclusive exchange relations between humans and the gods, thus enabling some religions to sustain stable organizations based on a lay membership. ). Many colleagues gave me valuable suggestions that have been incorporated into the final version of this essay: