Main Features of Feudalism:
Feudalism was a social, economic, and political system that emerged in medieval Europe. It had several distinct features:

1. Hierarchical Structure: Feudalism was characterized by a strict hierarchical structure. At the top of the social pyramid was the monarch, followed by the nobles or lords, who held vast estates known as fiefs. Below them were the vassals, who served the lords in exchange for protection and land. At the bottom were the peasants, who worked the land and provided labor and services to the nobility.

2. Fiefdoms and Land Ownership: The central element of feudalism was the granting of land, called fiefs, by a lord to a vassal in exchange for loyalty, military service, and other obligations. These fiefs were often passed down through generations, creating a system of hereditary land ownership.

3. Feudal Obligations: Vassals owed various obligations to their lords, including military service, financial payments, and advice. In return, lords provided protection and justice for their vassals.

4. Decentralized Power: Feudalism was characterized by a fragmented and decentralized political system. Each lord had their own jurisdiction and exercised authority over their fiefdom. There was no centralized government or authority.

5. Manorialism: Feudalism was closely associated with manorialism, an economic system in which the lord owned vast agricultural estates known as manors. Peasants worked the land in exchange for protection and a portion of the crops.

Merits of Feudalism:
1. Protection: Feudalism provided a system of protection for vassals, who relied on their lords for security in a time of constant warfare and instability.

2. Local Governance: The decentralized nature of feudalism allowed for local governance and autonomy. Lords were responsible for maintaining order, settling disputes, and providing justice within their fiefdoms.

3. Social Order: Feudalism provided a clear social hierarchy, giving individuals a sense of identity and place within society.

Demerits of Feudalism:
1. Exploitation of Peasants: Peasants, who formed the majority of the population, were heavily exploited. They were required to provide labor, pay taxes, and were subject to the whims of the lords.

2. Restrictions on Mobility: Social mobility was limited under feudalism. Peasants were tied to the land and had little opportunity for upward mobility, while social status and rights were inherited within the nobility.

3. Lack of Centralized Authority: The absence of a centralized government led to a lack of uniform laws and enforcement. This often resulted in conflicts and disputes between different lords and their vassals.

4. Inefficiency: Feudalism was an inefficient system, as resources and power were fragmented among numerous lords. This hindered economic development and centralized decision-making.

In conclusion, while feudalism provided protection, local governance, and social order, it also led to exploitation, limited mobility, and inefficiency.