When there is a shortage of labor rulers need slavery.
from a strictly economic standpoint, a labour force that exceeds the productive capabilities of an economy will not be in that great of a demand so labour will be worth less and wages will be lower (eventually though, a use for that labour surplus will be made availible throught investment in new industries) if there is a shortage, however, obviously, labour will be in great demand so they'll get paid more or, if the powers that be are strong enough, will chain them to their work (slavery/serfdom)
the issue with colonial slavery was that it was difficult to get people to the colonies. workers in the English colonies were paid quite well because they were in short supply. the persistant lack of workers though, due to the difficulty in getting to the colonies, caused plantation owners to seek to import workers against their will instead of paying rare white workers high wages.
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