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Contemporary slavery, also known as modern slavery, refers to the institutions of slavery that continue to exist in the present day. Estimates of the number of slaves today range from 12 million to 29 million.
Modern slavery is a multi-billion dollar industry with estimates of up to $35 billion generated annually. The United Nations estimates that roughly 27 to 30 million individuals are currently caught in the slave trade industry. The Global Slavery Index 2013 states that 10 nations account for 76 per cent of the world's enslaved. India has the most slaves of any country, at 14 million (over 1% of the population). China has the second-largest number with 2.9 million slaves, followed by Pakistan with 2.1 million, Nigeria with 701,000, Ethiopia with 651,000, Russia with 516,000, Thailand with 473,000, Congo with 462,000, Myanmar with 384,000, and Bangladesh with 343,000.
Mauritania was the last nation to officially abolish slavery, doing so in 2007; yet 4.3% of the population still remains enslaved. Despite being illegal in every nation; slavery is still prevalent in many forms today.
Slaves can be an attractive investment because the slave-owner only needs to pay for sustenance and enforcement. This is sometimes lower than the wage-cost of free labourers, as free workers earn more than sustenance; in these cases slaves have positive price. When the cost of sustenance and enforcement exceeds the wage rate, slave-owning would no longer be profitable, and owners would simply release their slaves. Slaves are thus a more attractive investment in high-wage environments, and environments where enforcement is cheap, and less attractive in environments where the wage-rate is low and enforcement is expensive.
Free workers also earn compensating differentials, whereby they are paid more for doing unpleasant work. Neither sustenance nor enforcement costs rise with the unpleasantness of the work, however, so slaves' costs do not rise by the same amount. As such, slaves are more attractive for unpleasant work, and less for pleasant work. Because the unpleasantness of the work is not internalised, being born by the slave rather than the owner, it is a negative externality and leads to over-use of slaves in these situations.
Modern slavery can be quite profitable and corrupt governments will tacitly allow it, despite it being outlawed by international treaties such as Supplementary Convention on the Abolition of Slavery and local laws. Total annual revenues of traffickers were estimated in 2004 to range from US $5 billion to US $9 billion, though profits are substantially lower. American slaves in 1809 were sold for around $40,000 (in today's money). Today, a slave can be bought for $90. The conscription of child soldiers by some governments is often viewed as a form of government-endorsed slavery.
Modern slavery is often seen as a by-product of poverty. Countries that lack education, economic freedoms and the rule of law, and which have poor societal structure can create an environment that fosters the acceptance and propagation of slavery.
Professor Remington Crawford III of the University of Toronto said:
Slavery is something that's with us always. We need to keep it in view and think about it when we buy our clothes, to question where they are sourced. Governments and CEOs need to think more carefully about what they are doing and what they are inadvertently supporting.
Types of contemporary slavery
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Slavery by descent
This is the form most often associated with the word "slavery". It stems historically from either conquest, where a conquered person is enslaved, as in the Roman Empire, or from slave raiding, as in the Atlantic slave trade. The enslaved become their own social class, or caste, one that may suffer discrimination long after they've been freed. This form of slavery is prevalent in the Sahel, particularly in Mauritania, where governments may deny that it exists.
Millions of people today work as bonded laborers. The cycle begins when people take extreme loans under the condition that they work off the debt. The "loan" is designed so that it can never be paid off, and is often passed down for generations. This form of slavery is prevalent in South Asia. Once trapped in this method of repayment, they are often overworked past what they owe and are then further more working under abuse, threats and power.
Forced migrant labor
People may be enticed to migrate with the promise of work, only to have their documents seized and to be forced to work under the threat of violence to them or their families. Illegal immigrants may also be taken advantage of; without legal residency, they often have no recourse to the law. Along with sex slavery, this is the form of slavery most often encountered in wealthy countries such as the United States, in Western Europe, and in the Middle East.
Along with migrant slavery, forced prostitution is the form of slavery most often encountered in wealthy countries such as the United States, in Western Europe, and in the Middle East. It is the primary form of slavery in Eastern Europe and Southeast Asia, particularly in Moldova and Laos. Many child sex slaves are trafficked from these areas to the West and Middle East.
Early or forced marriage
Mainly driven by the culture in certain regions, early or forced marriage is a form of slavery that affects millions of women and girls all over the world. When families cannot support their children, the daughters are often married off to the males of wealthier, more powerful families. These men are often significantly older than the girls. The females are forced into lives whose main purpose is to serve their husbands. This oftentimes fosters an environment for physical, verbal and sexual abuse.
Children comprise the majority of slaves today. Most are domestic workers or work in cocoa, cotton or fishing industries. Many are trafficked and sexually exploited. In war-torn countries, children have been kidnapped and sold to political parties to be used as child soldiers. Forced child labor is the dominant form of slavery in Haiti.
According to United States Department of State data, an "estimated 600,000 to 820,000 men, women, and children [are] trafficked across international borders each year, approximately 70 percent are women and girls and up to 50 percent are minors. The data also illustrates that the majority of transnational victims are trafficked into commercial sexual exploitation." However, "the alarming enslavement of people for purposes of labor exploitation, often in their own countries, is a form of human trafficking that can be hard to track from afar." It is estimated that 50,000 people are trafficked every year in the United States.
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- Andrew Forrest signs up religious forces to fight slavery and trafficking
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Fifteen migrant workers from Burma and Cambodia also told how they had been enslaved.
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- UN Human Rights Council Special Rapporteur on Contemporary forms of slavery - Ohvhr.org
- The CNN Freedom Project: Ending Modern-Day Slavery, CNN
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- Slave Labor collected news and commentary at The New York Times
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- Report on trafficking in human beings in Europe European Commission
-  Nomi Network - Buy Her Bag Not Her Body
- Historians Against Slavery