age did was for the village as a whole and not as individuals.Feudalism was a social system of rights and duties based on land tenure and personal relationships in which land is held in fief by vassals from lords to whom they owed a specific service and with whom they are bound by personal loyalty. Feudalism began with the people joining together in response to common problems. Most of these problems were invaders, lack of common currency, and food shortages. Basically the people who could not defend themselves sought out protection from a more powerful village. The leader of that village would ask for payment, usually in a form of an agreement. The village leader, who will be later called a lord or king, would protect the commoner in exchange for their loyalty and their land. The lord then gives the land away to vassals that provide him with military support so that he may protect his kingdom. The formation of the feudal system introduced the Monarchs, and basically the elite of society but they also introduced the whole class system to the socio-economic structure. This also began the use of currency between kingdoms, which will later on start the capitalistic level of the evolution of society. (Britannica, F 755).Before Full blown capitalism was started, Mercantilism was common practice for the economic base of countries. The mercantilist system rested on private property and the use of markets for the basic organization of economic activity. Unlike the capitalism of Adam Smith, the fundamental focus of mercantilism was on the self-interest of the sovereign, and not the self-interest of the individual owners of economic resources. In the mercantilist era, the basic purpose of economic policy was to strengthen the national state and to further its aims. To this end the government exercised much control over production, exchange, and consumption. Later on, Two developments paved the way for the emergence of modern capitalism; both took...
