SOCA01H3 Chapter Notes - Chapter 4: Feudalism, Tenant Farmer, Profit Maximization
Document Summary
Dominant socioeconomic formation that developed during middle ages was feudalism. Feudalism: agricultural system that grew out ruins of old slave societies. Complex system of duties and obligations b/w individuals. Class of owners, nobility, and producing class of serfs (peasants) Also minor classes (artisans, soldiers and clergy) Hierarchy of wealth and power within two major classes. Held by royalty and parceled out to lords and knights. Land could only be acquired though attack, bestowal or marriage. Serfs did this work cause of non-economic forms of coercion (force) Rent system replaced system of forced agricultural service. 15th century: money payment replaced agricultural and goods service. Market: when people offer goods and services for sale to others in more or less systematic and organized way. Concept: embodies set of social relationships organized around buying and selling of objects. Commodity: object that is produced specifically for exchange. Growth of capitalism seems to be reason behind why feudalism declined.
