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This article is devoted to the development of the central ideas in the fieldof magnetism. The presentation is semi-technical in nature and it roughlyfollows the chronological order. The key contributions of Van Vleck, Dorfman,Pauli, Heisenberg, and Landau are presented. Then the advent of the field ofitinerant electron magnetism starting with the investigations of Bloch andWigner, and more successful formulation by Slater and Stoner is presented. Thephysical basis of the Slater-Stoner theory is discussed and its problems aresummarized. Then, an overview of the debate between itinerant electron view ofStoner and localized electron view of Heisenberg is presented. Connected withthis debate are the issues of exchange interactions. The issues related to theorigin of exchange interaction in Stoner model are discussed. We review the"middle-road" theory of van Vleck and Hurwitz--the very first theory whichtakes into account the electron correlation effects in the itinerant model. Weclose our presentation with the discussion of the very important issue ofstrong electron correlation in the itinerant picture.

The story of magnetism: from Heisenberg, Slater, and Stoner to Van Vleck, and the issues of exchange and correlation