  We study the one-dimensional Holstein model with spin-1/2 electrons at
half-filling. Ground state properties are calculated for long chains with great
accuracy using the density matrix renormalization group method and extrapolated
to the thermodynamic limit. We show that for small electron-phonon coupling or
large phonon frequency, the insulating Peierls ground state predicted by
mean-field theory is destroyed by quantum lattice fluctuations and that the
system remains in a metallic phase with a non-degenerate ground state and
power-law electronic and phononic correlations. When the electron-phonon
coupling becomes large or the phonon frequency small, the system undergoes a
transition to an insulating Peierls phase with a two-fold degenerate ground
state, long-range charge-density-wave order, a dimerized lattice structure, and
a gap in the electronic excitation spectrum.
