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It plays a role in an economy, but (unlike capitalism or socialism or feudalism) it is not an "economic system"
'''Slavery''' is involuntary servitude to another person or persons, such that the persons held in bondage are considered to be property. It reduces a person to the status of [[chattel]] who can be owned by another person. The selling price of a slave varied from less than that of horse to as many as a dozen horses.<ref>[http://curry.edschool.virginia.edu/socialstudies/projects/jvc/unit/econ/msstatemsg.html Indentured Servants and Slave Prices] (forum post)</ref>
'''Slavery''' is involuntary servitude to another person or persons, such that the persons held in bondage are considered to be property. It reduces a person to the status of [[chattel]] who can be owned by another person. The selling price of a slave varied from less than that of horse to as many as a dozen horses.<ref>[http://curry.edschool.virginia.edu/socialstudies/projects/jvc/unit/econ/msstatemsg.html Indentured Servants and Slave Prices] (forum post)</ref>
The master controls and commands the slave, either through property-like ownership of the slave or by right to command him. Slavery is at root an economic system, and flourishes where there is a high demand for labor and not enough workers. When the workers are plentiful, slavery dies out because it is unprofitable.
The master controls and commands the slave, either through property-like ownership of the slave or by right to command him.
Slavery flourishes where there is a high demand for labor and not enough workers. When the workers are plentiful, slavery dies out because it is unprofitable.
Slavery is best known to Americans as a peculiar institution of the Southern states before emancipation in the [[American Civil War]] and [[Reconstruction]]. This was a case of racial slavery--the slaves were black, the owners were white.<ref> A few free blacks owned slaves--usually relatives they had purchased from whites. Indian tribes also had slaves, both Indian and black.</ref> see [[The South]].
Slavery is best known to Americans as a peculiar institution of the Southern states before emancipation in the [[American Civil War]] and [[Reconstruction]]. This was a case of racial slavery--the slaves were black, the owners were white.<ref> A few free blacks owned slaves--usually relatives they had purchased from whites. Indian tribes also had slaves, both Indian and black.</ref> see [[The South]].