Is Slavery a Valid Alternative to our Prison System

Is slavery a valid alternative to our prison system?

Just as political liberals and activist judges seem afraid of actually reading the text of the US Constitution, for fear of finding something there that offends them (as most of it does); so modern Christians seem afraid of reading the Old Testament Law. Which is a shame, as we could find some interesting answers to problems our society currently faces.
Take the slavery statutes, for example. Our society is scared to death of the word 'slavery', with all of its terrible pre-civil war implications; but a look at the Biblical concept of slavery might help us to realize what a horrible thing our modern prisons are.
A slave, as the concept is laid out in the Bible, is principally someone who has committed an economic crime (such as theft). This person, unable to pay the fine laid upon them, was required to work for the person to whom they owed the debt (the person, not the state). They were fed, clothed, and housed by that person, and worked for them without wages. While there they were able to have normal relations with their wife, children, family, neighbors etc. And they were integrated into the household of a functional member of society.
Meanwhile, we, in our supposedly 'enlightened society', enclose millions of (frequently African American) men in large cages. We remove them from their spouses, friends, family, neighbors, etc.; while forcing them into the society of murderers, drug addicts, rapists, and other blessings of society. While 'paying' an imaginary 'debt' to 'society', they in fact cost that very society millions a day, all the while leaving the actual victims of their crimes destitute.
Perhaps a look at the Old Testament is in order?

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