I consider the growth of inhomogeneities in a low-density, baryonic, vacuum
energy-dominated universe in the context of modified Newtonian dynamics (M
OND). I first write down a two-field Langrangian-based theory of MOND (nonr
elativistic) that embodies several assumptions, such as constancy of the MO
ND acceleration parameter, association of a MOND force with peculiar accele
rations only, and the deceleration of the Hubble flow as a background field
that influences the dynamics of a finite-size region. In the context of th
is theory, the equation for the evolution of spherically symmetric overdens
ities is nonlinear and implies very rapid growth even in a low-density back
ground, particularly at the epoch when the putative cosmological constant b
egins to dominate the Hubble expansion. Small comoving scales enter the MON
D regime earlier than larger scales and therefore evolve to large overdensi
ties sooner. Taking the initial COBE-normalized power spectrum provided by
Seljak and Zeldar-riaga's CMBFAST, I find that the final power spectrum res
embles that of the standard Lambda CDM universe and thus retains the empiri
cal successes of that model.