A historical social and economic system in which land ownership was concentrated among a ruling class, and wealth, power, and economic security were derived primarily from control of land. Under feudalism, land was granted in exchange for service or loyalty, rather than bought and sold freely, limiting economic mobility and preventing broad property ownership until the development of property rights, rule of law, and market-based capitalism.
« Back to Glossary IndexFeudalism
« Back to Glossary Index
