Recently the vacuum structure of a large class of four dimensional (su
persymmetric) quantum field theories was determined exactly. These the
ories exhibit a wide range of interesting new physical phenomena. One
of the main new insights is the role of ''electric-magnetic duality''.
In its simplest form it describes the long distance behavior of some
strongly coupled, and hence complicated, ''electric theories'' in term
s of weakly coupled ''magnetic theories''. This understanding sheds ne
w light on confinement and the Higgs mechanism and uncovers new phases
of four dimensional gauge theories. We review these developments and
speculate on the outlook.