Indirectly, the fall of Rome, and more directly, the threat of Viking attack. Viking raids during the Medieval period were common -- it WAS the Viking Age -- and what people do when they're under attack is run to the nearest fortified building. This building was either a church or the hall of a lord. Hence, in return for shelter and protection in case of emergencies, the lords asked for the loyalty and services of the peasants. Thus, feudalism.
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