  Lipman Bers' universal Teichm\"uller space, classically denoted by $T(1)$,
plays a significant role in Teichm\"uller theory, because all the Teichm\"uller
spaces $T(G)$ of Fuchsian groups $G$ can be embedded into it as complex
submanifolds. Recently, $T(1)$ has also become an object of intensive study in
physics, because it is a promising geometric environment for a non-perturbative
version of bosonic string theory. We provide a non-technical survey of what is
currently known about the geometry of $T(1)$ and what is conjectured about its
physical meaning.
