Recently the vacuum structure of a large class of four-dimensional (supersy
mmetric) quantum field theories was determined exactly. These theories exhi
bit 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 terms of weakly coupled "magnetic theo
ries." This understanding sheds new light on confinement and th Higgs mecha
nism and uncovers new phases of four-dimensional gauge theories. We review
these developments and speculate on the outlook.