After comments like those made by Kevin Rudd about biblical slavery (popular argument for homosexuality) is liked by God in the Old Testament, I suddenly curiously believe there must be a term already...one single, soundbite terminology to defeat people like Kevin Rudd. But on the other hand, read the Bible much, Mr. Prime Minister? Or do you actually not believe the Bible as a Christian?
I looked and voila! It's called Indentured Servitude. These people have such a poor understanding of history they could only fake their science according to popular fad.
As for Hebrew slavery system:
...slavery in antiquity among the Israelites was closer to what would later be called indentured servitude.[15] Slaves were seen as an essential part of a Hebrew household.[18] In fact, there were cases in which, from a slave's point of view, the stability of servitude under a family in which the slave was well-treated would have been preferable to economic freedom.[19]
Footnote 19: Tigay, Jeffrey H. "Exodus" Introduction and Annotations. The Jewish Study Bible. Ed. Adele Berlin and Marc Zvi Brettler. New York: Oxford University Press, 2004. 102-202. [page 153]