GreenTongue:
As everyone agrees that slavery is Bad...
Ahhhh... Okay. For this conversation, accepted.
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... and they exist as a source of cheap labor...
Arguable. But also granted (honestly depends on the business whether slave labor is cheaper even over the long run than hired labor, but accepted for this convo).
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... if you attempt to overthrow the institution of slavery buy replacing their cheap labor with undead/zombies....
Ah, Necroslavery.
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...are you "Good" or "Evil"?
Depends. In this case on how the undead 'work'. Are they animated by evil spirits that seek to damage the living? Are they animated purely by magic and the will of the Necromancer? Is it Divine Miracle?
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What kind of effect does this have on a game world?
Again depends on how the undead work. If they only act based on the directed will of a mage, then you're replacing the cost of a group of living workers with the cost of a single expensive* controller and it's automaton workers.
* Or as in the case of the Necrarcy of Auracia, a country in a fantasy game I ran... 30ish years ago, the Necromancer was paid about as much as any other skilled worker, some were in high demand, others less so, as necromancing took no training and anyone could do it, so long as they bonded themselves to the Lich God-King of their country and accepted that at 45(ish) their lifeforce would be taken by the Lich to feed itself. Care of a groiup of zombies, mummies, and skeletons was almost as much as employing a group of living people, so in this world it wasn't about "freeing slaves" or "saving money" it was about replacing people in
dangerous jobs (or menial jobs if the necromancer could be induced). In that world undead were automatons, without an external will directing them, they did nothing. Animating a corpse was an enchantment that required constant minimal renewal, and in some cases that required more actual work on the necromancer's part than directing the dead automatons. All people in the country served in the military for two years (unless granted an exception) and then continued to train* the rest of their life (one weekend a month, two weeks a year sort of) and knew that when they died, they'd be raised to serve, either the armies of the Lich King, or the their town militia, or to work the fields, or towards the end of the campaign, the growing factories of the dead...
* Zombies and mummies held onto some of the skills the person had acquired in life, only those such skills as would be pure muscle memory, nothing that required creativity or willful thought. Skeletons had no skills, and acted crudely only at the direct behest of the necromancer, thus were only fodder in battle, and were more useful to rural necromancers where pure muscle and rote work could be better applied (and towards the end, the factories of the dead).
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Does anyone care what happens to the people that were slaves, as long as they are no longer enslaved?
Probably. Immediately they will still be (at best) second class citizens, unless there is nothign that distinguishes them from the other castes. If they were born into slavery they may have no skills beyond the ones now being performed by your undead and will now find themselves disposed and adrift.
This is last, is actually the most important question you've asked.