During the Middle Ages, Europe was characterized by a feudal system in which people worked for nobles in exchange for protection and the use of land. Beginning with the crisis of the feudal system in the 14th century and continuing through the Industrial Revolution of the 19th century, capitalism gradually replaced feudalism in Europe. Capitalism is a system in which private individuals or corporations own the means of production, including workplaces, machinery, and raw materials, that were once owned by the artisan who made the goods. Within this system, the activities of these individuals involve profit-motivated investment of capital, or money and assets that are invested with the intent of making more money. These private individuals are capitalists and make up a ruling class Karl ...