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We give a systematic account of iterated function systems (IFS) of weak contractions of different types (Browder, Rakotch, topological). We show that the existence of attractors and asymptotically stable invariant measures, and the validity of the random iteration algorithm ("chaos game"), can be obtained rather easily for weakly contractive systems. We show that the class of attractors of weakly contractive IFSs is essentially wider than the class of classical IFSs' fractals. On the other hand, we show that, in reasonable spaces, a typical compact set is not an attractor of any weakly contractive IFS. We explore the possibilities and restrictions to break the contractivity barrier by employing several tools from fixed point theory: geometry of balls, average contractions, remetrization technique, ordered sets, and measures of noncompactness. From these considerations it follows that while the existence of invariant sets and invariant measures can be assured rather easily for general iterated function systems under mild conditions, to establish the existence of attractors and unique invariant measures is a substantially more difficult problem. This explains the central role of contractive systems in the theory of IFSs.