The peasants were allowed to cultivate the land for their own use as long as they worked on the private land of the lord?

I believe that you're referring to collectivization. This was big during Stalin's rule in Soviet Union. Stalin sent many kulaks off to work on these collective farms, and was able to create a sort of monopoly over agricultural production. This sort of control does not necessarily mean it negatively affects the economy, but it requires strong, able leadership. Soviet industry grew tremendously during Stalin's regime
Feudalism. This involves the king hiring lords, and the lords hiring vassals(serfs). All together they live on a manor.