Feudalism is a system of government where a few people (usually nobles or lords) monopolize the ownership of land. These few people hold power and control over the land and those who work on it, such as serfs or peasants. This system existed during medieval times in Europe and was characterized by a hierarchical social structure, with the king or queen at the top, followed by the nobles and then the peasants. The feudal system was based on a system of mutual obligations and loyalty, where the lord provided protection and resources to the peasants in exchange for their labor and loyalty.