The document discusses the Wagner-Meerwein rearrangement, a reaction first observed in 1899 where a carbocation is generated followed by a [1,2]-shift of an adjacent carbon-carbon bond to form a new carbocation. This reaction was not fully understood until 1922 when its ionic nature was revealed. The rearrangement involves the migration of hydrogen, alkyl, or aryl groups between carbocations and can involve multiple consecutive shifts. It can be initiated through various means to generate the initial carbocation and the migrating group retains its stereochemistry.