What is a fedual systyem?

feu·dal·ism

n.

1. A political and economic system of Europe from the 9th to about the 15th century, based on the holding of all land in fief or fee and the resulting relation of lord to vassal and characterized by homage, legal and military service of tenants, and forfeiture.

2. A political, economic, or social order resembling this medieval system.

Source: http://www.answers.com/feudal+system?cat=biz-fin