Within the general setting of algebraic quantum field theory, a new approach to the analysis of the physical state space of a theory is presented; it covers theories with long range forces, such as quantum electrodynamics. Making use of the notion of charge class, which generalizes the concept of superselection sector, infrared problems are avoided. In fact, on this basis one can determine and classify in a systematic manner the proper charge content of a theory, the statistics of the corresponding states and their spectral properties. A key ingredient in this approach is the fact that in real experiments the arrow of time gives rise to a Lorentz invariant infrared cutoff of a purely geometric nature.