Sure -- it makes sense in the same way that it makes sense industrialization got rid of eunuchs. A barbaric practice has died out in certain parts of the world because we live in the modern age.
To say that wouldn't have happened without industrialization, which wouldn't have happened without profit maximization, which wouldn't have happened without capitalism, is not logical. There is nothing inherent in capitalism which requires profit maximization at the expense of humans, it just requires exploitation of private property (note exploitation here means 'being used' not 'being used in a necessarily harmful manner). There is nothing inherent in industrialization which requires profit maximization, it just requires a cheap source of energy and labor and a market (note that this can be a planned market as in communism, or a market in which the demand is created only for war production and is fed by looting conquered territory, as the fascists did in WWII).
And there is nothing which precludes slavery existing because any of those other things exist. In fact, there were massive amounts of slaves who toiled under Nazi Germany and Imperial Japan in the modern era, and we only don't have them now because they lost the war.
Sorry, your theory holds no water.