Magnetism Magnetic properties arise from electron spin and orbital motion. Local moment magnetism (Heisenberg model) and itinerant magnetism (Stoner theory) describe different regimes. Exchange interactions produce ferromagnetism, antiferromagnetism, ferrimagnetism, and complex spin textures. Spin waves (magnons) are the collective excitations of ordered magnetic states. Modern developments include spintronics—manipulating spin currents and spin–orbit coupling effects (e.g., Rashba, topological insulators).