The major economic system that dominated Europe in the Middle Ages was feudalism. This system was centered on land ownership, where lords owned large tracts of land and granted portions of it to vassals in exchange for military service and loyalty. Peasants, or serfs, worked the land and were bound to it, providing labor in return for protection and a place to live. Feudalism structured society hierarchically, with clear roles and responsibilities, and shaped the economic, social, and political landscape of medieval Europe for centuries.