Final answer:
The extreme form of inequality where individuals own others as property and control their lives is known as slavery. This historic institution denied human rights and freedoms, with individuals treated as property. It represents an extreme power imbalance and violation of human dignity.
Step-by-step explanation:
The extreme form of inequality where people own others as property and have almost total control over their lives is known as slavery. This form of oppression was historically practiced on a vast scale, notably visible in ancient civilizations as well as during the transatlantic slave trade. In this system, individuals regarded as property were deprived of their fundamental human rights and freedoms, forced to work without pay, and subjected to the will of their owners.
Slavery is a gross manifestation of inequality where social and legal structures allowed one group of people to exercise ownership over another. It exemplified the unjust exercise of power, resulting in an extreme power imbalance and inequity. The abolishment of slavery in many countries was a significant step toward addressing such historic injustices, yet the legacy of these practices still impacts societies today.
Discussions around property during these periods often relate to whether individuals were seen as having rights or if they were simply considered as assets to be utilized. Historical forms of slavery have now been universally recognized as immoral and illegal, although modern forms of human exploitation persist, reflecting ongoing challenges in fully eradicating such deep-rooted inequities.