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A phenomenological theory of the loop-current and loop-spin-current phases isproposed. In order to investigate the stability of these phases, aGinzburg-Landau-Wilson type action is constructed as a functional of theorbital magnetization. From the analysis of this action based on the Landautheory and momentum-shell one-loop renormalization group theory, it is foundthat the loop-current and loop-spin-current phases are stable if a certaininteraction between the orbital magnetizations is sufficiently large. Moreover,these phases are likely to be stable in systems with large orbitalsusceptibility, for example, Dirac electron systems.

A Phenomenological Theory of Loop-Current Phases