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The transition from feudalism to capitalism marks one of the most profound economic and social transformations in human history, shaping the structure of modern societies. Feudalism, which dominated medieval Europe, was an agrarian-based system characterized by hierarchical obligations, land tenure, and rigid social stratification. Under this system, the majority of the population were peasants or serfs bound to the land, providing labor and produce to the feudal lords in exchange for protection and a small share of the yield. The economic life was largely local, with limited trade and a subsistence-oriented production structure. Social mobility was extremely restricted, and wealth was measured primarily in terms of land ownership rather than liquid capital or productive efficiency. The decline of feudalism began around the late Middle Ages, driven by a combination of demographic, economic, social, and political factors. One key catalyst was the demographic shift caused by events such as the Black Death in the 14th century, which drastically reduced the population. The massive mortality rate created labor shortages, giving surviving peasants increased bargaining power and the ability to demand better wages or conditions. This weakened the rigid serfdom system and _____ ____ ____ _________ ______.
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