An effective field theory of quarks, gluons, and pions, with the number N
of colors treated as large, is proposed as a basis for calculations of hadronic
phenomena at moderate energies. The qualitative consequences of the large N
limit are similar though not identical to those in pure quantum chromodynamics,
but because constituent quark masses appear in the effective Lagrangian, the `t
Hooft coupling in the effective theory need not be strong at moderate energies.
To leading order in 1/N the effective theory is renormalizable, with only a
finite number of terms in the Lagrangian.Comment: Version to be published in Phys. Rev. Letters. Two figures added,
text and abstract revised and shortened. Clearer statement of aims of work. 9
page