Serfdom in Medieval Europe was historically significant, functioning as a dominant form of labor during the feudal system. Serfs, who were bound to the land, provided agricultural labor in exchange for protection and a place to live. This system facilitated the manorial economy and supported the nobility's wealth and power. Serfdom reflected social hierarchy and class structures, impacting societal organization for centuries. The eventual decline of serfdom in the late medieval period paved the way for greater mobility and the growth of a market economy in Europe.