We have determined the spin relaxation dynamics of electrons, holes an
d excitons in GaAs quantum wells by means of subpicosecond studies of
the photoluminescence polarization. Our measurements demonstrate that
the usual image of instantaneous hole-spin relaxation is not valid in
2D systems. For electrons, the spin relaxation rate is considerably la
rger than the corresponding value in p-doped bulk GaAs. The processes
of spin relaxation of free excitons are far more complicated than thos
e of free carriers: we find that many-body effects play an important r
ole in the spin relaxation of excitons.