Typically, we are interested in a small system (a few particles, or some region in space), entangled with its surroundings. Exact equations (Dyson or Nakajima–Zwanzig) for the reduced system dynamics are readily derived using suitable projection operators. They are rarely solvable, however, since full account is taken for mutual influences between the system and its environment. Nevertheless, for weak mutual coupling, environment-induced dynamics in the (small) system can be much slower than system-induced dynamics in the (large) environment. This justifies the Born–Markov approximation, leading to closed equations for the system. In Hilbert space, we demonstrate the emergence of irreversible dynamics and exponential decay for pure sates. In Liouville space, we derive the Redfield equation. Invoking the secular (or, rotating-wave) approximation, we derive Pauli’s master equations, which properly account for relaxation to equilibrium. Rates of spontaneous emission, coherence transfer (Bloch equations), and pure dephasing are derived and analyzed for a dissipative qubit.