Feudalism and Manorlaism was a system of governance in medieval Europe where nobles granted land to knights and peasants (serfs) in exchange for loyalty and labor. It involved a hierarchy with the king at the top distributing land to nobles, who then distributed land to knights, and knights distributed land to serfs. This system was important as it helped establish order and stability during unstable times, and allowed those in power like kings and nobles to thrive by extracting resources and labor from those below them in exchange for protection.