This article reviews recent theoretical developments in heavy-quarkonium physics from the point of view of effective-field theories of QCD. We discuss nonrelativistic QCD and concentrate on potential nonrelativistic QCD. The main goal will be to derive Schr\"odinger equations based on QCD that govern heavy-quarkonium physics in the weak- and strong-coupling regimes. Finally, the review discusses a selected set of applications, which include spectroscopy, inclusive decays, and electromagnetic threshold production.
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Brambilla et al. (2005) studied this question.