Schaefer's theorem is a complexity classification result for so-called Boolean constraint satisfaction problems: it states that every Boolean constraint satisfaction problem is either contained in one out of six classes and can be solved in polynomial time, or is NP-complete. We present an analog of this dichotomy result for the propositional logic of graphs instead of Boolean logic. In this generalization of Schaefer's result, the input consists of a set W of variables and a conjunction Φ of statements ("constraints") about these variables in the language of graphs, where each statement is taken from a fixed finite set Ψ of allowed quantifier-free first-order formulas; the question is whether Φ is satisfiable in a graph. We prove that either Ψ is contained in one out of 17 classes of graph formulas and the corresponding problem can be solved in polynomial time, or the problem is NP-complete. This is achieved by a universalalgebraic approach, which in turn allows us to use structural Ramsey theory. To apply the universal-algebraic approach, we formulate the computational problems under consideration as constraint satisfaction problems (CSPs) whose templates are first-order definable in the countably infinite random graph. Our method for classifying the computational complexity of those CSPs is based on a Ramsey-theoretic analysis of functions acting on the random graph, and we develop general tools suitable for such an analysis which are of independent mathematical interest.