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The limbic system is a set of brain structures located on both sides of the thalamus, immediately beneath the cerebrum. It has also been referred to as the paleomammalian cortex. It is not a separate system but a collection of structures from the telencephalon, diencephalon, and mesencephalon.
The limbic system is a set of structures in the brain that control emotion, memories and arousal. It contains regions that detect fear, control bodily functions and perceive sensory information (among other things).