Slavery was replaced by wage labor because it was more productive in the long run - that's part of the economists founding narrative. But I think they tend not to emphasize that it was also simply because it was a lot more flexible for a business in a competitive market to rent than to own, ceter paribus.
Quasi-slave status persisted in many situations for a long time, being a local maxima for various management situations. Penal slaves in the postwar American South were in many cases treated worse than their chattel slave parents/grandparents partially because they were rented out by their owners, who didn't pay for them, to managers who rented and didn't have any stake in their survival.
Quasi-slave status persisted in many situations for a long time, being a local maxima for various management situations. Penal slaves in the postwar American South were in many cases treated worse than their chattel slave parents/grandparents partially because they were rented out by their owners, who didn't pay for them, to managers who rented and didn't have any stake in their survival.