We show that there is a function of one variable's worth of Lagrangians for a
single Maxwell field coupled to gravity whose equations of motion admit
electric-magnetic duality. Such Lagrangians are given by solutions of the
Hamilton-Jacobi equation for timelike geodesics in Witten's two-dimensional
black hole. Among them are the Born-Infeld Lagrangian which arises in open
string theory. We investigate the effect of the axion and the dilaton in the
open superstring case and we show that this theory loses its electric-magnetic
duality invariance when one considers the higher order electromagnetic field
terms. We discuss some implications for black holes in string theory and an
extension to 2k-forms in 4k spacetime dimensions.Comment: 27 pages Latex. Revised version including new section on open string
theory in which we find the inclusion of the axion breaks the
electric-magnetic duality symmetry when one considers higher order
electomagnetic field terms. To appear in Nucl Phys