Feudalism was the economic system that dominated Europe during the Middle Ages, which spanned roughly from the 9th to the 15th century. This hierarchical system was characterized by the relationship between lords, vassals, and serfs. Lords owned large estates and granted land to vassals in exchange for military service and protection. Serfs, who worked the land, provided labor in return for protection and a place to live. This structure created a reliance on agricultural production and localized economies. The decline of feudalism began with the growth of trade, commerce, and a more centralized state, which set the stage for the Renaissance.