Final answer:
Feudalism was a social and economic system in medieval Europe where lords granted land to vassals in exchange for military service and other obligations. This system established a hierarchy and a network of loyalties which, despite its instability, structured medieval society until its decline and transition to more modern systems.
Step-by-step explanation:
The system being described is known as feudalism, which was a hierarchical system of power in medieval Europe, rooted primarily in the control of land and the military service provided in exchange for that land. The lord-vassal relationship was central to this system, where a lord provided a vassal with a piece of land called a fief, in return for military service and other duties. This feudal contract established a network of allegiances that enabled lords to protect their territories and also extract wealth from the land through the labor of peasants, thus forming the backbone of medieval European society.
The feudal lords, including bishops and abbots who held lands, relied on their vassals for military support but also provided protection and the right to exploit lands to extract resources, which were primarily agricultural products produced by the peasants. This system was not stable and was fraught with conflict as pledges of loyalty were frequently violated, leading to internal strife.
Over time, as society shifted due to famines, plagues, and wars like the Hundred Years' War, the feudal system began to break down, paving the way for the rise of more centralized states and the eventual transition to capitalism and the industrial era.