Economic conditions of medieval age to the present five sentence

The economy of the Middle Ages was based on feudalism.

Explanation:

The economy and social relations of the Middle Ages were based on Feudalism. It is a system headed by a king; below it was on the list the feudal lords to whom the king gave land, the feudal lords allocated land to the soldiers on whom the serfs worked. In case of war, the king asked the feudal lord for an army, the feudal lord hired soldiers for the war, and the serfs received the smallest part of the complete chain, enough to survive. The disappearance of feudalism meant the birth of the economy's first elements; it happened with private property emergence during the XIX. The Industrial Revolution appeared, which forever changed the economic relations in the world, since during the Industrial Revolution, the capitalist system appeared, which is still relevant in the world today.

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