Feudalism in medieval Europe was characterized by a hierarchical system of land ownership and obligations. At the top were kings, who granted land (fiefs) to nobles or lords in exchange for military service and loyalty. Below them were knights, who provided protection to the lords while receiving land in return. At the base of this structure were serfs or peasants who worked the land and provided agricultural output, often bound to the estate. This decentralized system emphasized local governance and relationships of mutual obligation, shaping social, economic, and political life during the Middle Ages.