I'm not sure about he world, but maybe I can offer a few insights on the domestic front.
The Republican Revolution in 1994 was in response to Clinton's overreach with Hillarycare, as well as a budget battle. In this environment, Newt Gingrich was able to reignite the Reagan Coalition against what looked like a very liberal Clinton Administration. The President, if course, wised up, and was able to outmanuever Gingrich and the Republicans, part due to Clinton's prowess, and part due ti Gingrich's negative persona.
However, the Republican Revolution could only have occurred in response to a center-left administration. Without Clinton, Newt would have likely remained the minority whip, maybe working his way to minority. The 1994 midterms of a Second Bush Administration would likely show modest gains for the already entrenched Democrats. Newt may have continued to be a firebrand, but at least his ascendancy would not be as fast.
No RR would also affect other races as well. Rick Santorum, Fred Thompson, Bill Frist, and George W. Bush come to mind.
After twelve years, the American people would have hungered for change, opening the door to other Democrats in 1996. Al Gore would probably run, as would Mario Cuomo. I could also see then Georgia governor Zell Miller perhaps running on a centrist, populist platform, not unlike Bill Clinton. As for the Republicans, it would probably turn out the same way 1988 was for the Democrats. Bob Dole would have likely one the nomination by virtue of being the "next-in-line" candidate the GOP often does. However, there was always bad blood between Dole and the elder Bush. I could see Bush's forces trying to back another candidate against Dole, Lamar Alexander perhaps.
In any case, he Democrat would have likely won.