[This is part of the series: The Complete Guide To Economics 101.]
What is feudalism?
Feudalism is (was) an economic system where kings and queens owned land, and those living on their land were taxed in exchange for protection.
Under feudalism, titles and professions were passed down in families.
For example:
The children of blacksmiths became blacksmiths, the children of fishermen were fishermen, and noble lines continued from father to heir.
