European feudalism was a social and economic system that dominated medieval Europe, roughly from the 9th to the 15th century. It was characterized by a hierarchy of lords, vassals, and serfs. Lords owned large estates and granted land, known as fiefs, to vassals in exchange for military service and loyalty. Serfs worked the land and were bound to it, providing labor in return for protection and a place to live. This system created a network of obligations and relationships that defined local governance and social structure. The manor was the basic unit of feudal society, where agricultural production took place. Feudalism began to decline with the rise of centralized monarchies and the growth of trade and towns in the late medieval period.