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Economics 101: Feudalism | SterlingTerrell.net

Economics 101: Feudalism

What was feudalism?

Feudalism 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.