Meaning
- combination of:
- legal
- economic
- military
- cultural customs
- flourished in Medieval Europe
- b/w 9th & 15th c.e.
Need
- way of structuring the society around relationships
- relations derived from holding land in exchange for labor
Economic Life under Feudalism
- goods production for local use
- not much profit making & investments
- no incentive for producing more
- no bigger markets
- static economic life
Capitalism
- free market economy
- politico-economic system
- means of production ➡️ privately owned
- markets as driving force
- Profit as the sole motive