political independence from Europe
Culturally, the medieval era was dominated by the church which emphasized human beings' lowliness in contrast to the greatness and holiness of God. The church remained strong in the Renaissance, but humanists of the Renaissance emphasized the God-given capabilities of human beings, created to do great things. And so, many great things were done by energetic and imaginative human beings of the Renaissance -- in art, architecture, literature, science, etc.
Socially, politically, and economically, medieval life focused on feudalism and agricultural life. The people lived on lands owned by the great landowners (the nobility), and the political power centered in the hands of those nobles. Economic value was tied to land ownership and agricultural production. In the Renaissance, cities rose to prominence. Banking and trade and budding industries became new ways of generating wealth, social status, and political power.