This book is a unique report on the frontiers of subnuclear physics presented by world specialists in a clear, rigorous and simple way.The problem of the physical vacuum is presented in the opening lecture by T D Lee and the effective string-theoretical approach to cosmological vacua by G Veneziano. Effective theoretical approaches to light and heavy quark physics are presented by H Leutwyler and M Neubert. V N Gribov discusses the quark confinement and N Seiberg the problem of finding the effective actions in supersymmetric theories. A detailed analysis confronting electroweak theory with the high precision experimental data is presented by D Schildknecht. The great specialist in membrane theory, M Duff, presents the latest results of the 11-dimensional approach, while the finite temperature effective theories are discussed by M Shaposhnikov. The unification and the physics beyond the standard model constitute the content of the lectures by R Barbieri and D Nanopoulos. The experimental data from LEP and Hera are presented by M Pohl and G Wolf. N F Ramsey, the world specialist in the field, discusses how to explore the universe with atomic clocks. An elusive Z' is the subject of a specialised seminar by P Frampton.This volume contains the reports presented by a selected group of "new talents" on various topics in the field of subnuclear physics.