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True.
I mean, a trade focused dlc would be cool. Imagine you conquer and form Sicily and are making bank off the Amalfi slave trade... Then a 'Council of Koblenz event' fires and the Pope goes, "No more selling Christian slaves to non-Christian realms!"
There are also examples of slavery in Europe up to the early 1100's and it persisted in Spain and Portugal up to the Age of Discovery.
I suppose the best way to put it is... They don't represent slavery the same way they don't represent the rich spice trade coming out of Tamil, or the silk trade from east to west. The economy is represented in very broad strokes by the amount of gold one is generating. The specifics are left to the imagination.
One might presume, for instance, that a Callous North African or Persian lord with 28 Stewardship breathed new life into the slave trade during his reign and profited immensely from it. Likewise, one might presume that a Greedy Norse pagan who raids often most likely brings back a lot of slaves for sale to other Norsemen from his raids.