Automorphic forms on O_{s+2,2}(R)^+ and generalized Kac-Moody algebras. Proceedings of the International Congress of Mathematicians, Vol. 1, 2 (Z\"urich, 1994), 744-752, Birkh\"auser, Basel, 1995. Richard E. Borcherds Department of Mathematics, University of California at Berkeley, CA 94720-3840, USA. We discuss how modular forms and automorphic forms can be written as infinite products, and how some of these infinite products appear in the theory of generalized Kac-Moody algebras. This paper is based on my talk at the ICM, and is an exposition of [B5].