What economic system was prevalent in Europe before the Industrial Revolution?

The economic system that was prevalent in Europe before the Industrial Revolution was feudalism. This system was characterized by a hierarchical structure where land was owned by lords who granted portions of it to vassals in exchange for military service and support. At the base of this hierarchy were peasants or serfs, who worked the land and owed various obligations to their lords.

Feudalism governed not only the economic relationships but also the social and political dynamics of the time. Land was the primary source of wealth and power, and agricultural production was the mainstay of the economy. Unlike capitalism, which emphasizes private ownership and profit-driven markets, feudalism focused on land tenure and personal loyalties rather than market transactions.

The other options represent different economic systems that emerged later or coexisted with feudalism but were not the dominant forces at the time of the Industrial Revolution's onset. Capitalism started to gain traction as trade and markets expanded, especially towards the end of the feudal period. Socialism arose in response to conditions created by the Industrial Revolution itself, aiming to address inequalities that capitalism produced. Mercantilism, while influential during the 16th to 18th centuries, was more of a national economic strategy designed to maximize the