Egalitarian or Meritocratic?

Okay, Colossians 3:21 - "Slaves, obey your earthly masters in everything; and do it, not only when their eye is on you and to win their favor, but with sincerity of heart and reverence for the Lord." Then add 4:1 - "Masters, provide your slaves with what is right and fair, because you know that you also have a master in heaven."

But I also remember Galatians 3:28 - "There is neither Jew nor Greek, slave nor free, male nor female, for you are all one in Christ Jesus."

If there is neither slave nor free why give counsel to slaves and masters about how to treat each other? Clearly, Paul was not recommending that masters set their slaves free so that they would all be equal. Some Christians today cite Galatians 3:28 as support for a more just and equitable society - good things. But HOW equitable? How equal? What is just? Paul in Galatians is raising the issue of our true value and standing with God - that our socio-economic status (or gender) do not matter in His eyes, but (especially in light of Colossians 3:22 and 4:1) he is not recommending an egalitarian society or he wouldn't just give advise about how to treat each other, he would tell Christian masters to set their slaves free.

I guess I'm just thinking and beginning to articulate some things I need to talk about with my Christian friends who are Democrats ... and I'm just basically rambling tonight anyway.