Feudalism was a system of government that existed in MEDIEVAL Europe. It was based on the holding of land in exchange for service or labor. The lord of the land, usually a nobleman, would grant land to a vassal in exchange for loyalty and military service. The vassal would then be responsible for providing the lord with military support and other services. Feudalism was a hierarchical system, with the king at the top and the peasants at the bottom. It was a system of social and economic organization that lasted until the late Middle Ages.