At the turn of the century it seems to be appropriate to pause and to try to envision future possibilities. We want to discuss the prospects of algebra. To look into the future requires an understanding of the past, the longstanding aims, but also the difficulties which have been encountered. We are going to review part of the history of algebra in order to outline its present state. It is important to notice the missed opportunities and to analyze the reasons. To recognize the present possibilities requires to be aware of the tools which now are available and which may not yet have been used in an optimal way. We urge the reader to focus attention to the need for algebraic considerations in all parts of mathematics but also outside of mathematics. Of course, a view back should also strengthen the interest in classical open problems which now may be feasible to attack.