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General Information:
The word "we" here refers to all Christians, including Paul's readers. (See: rc://en/ta/man/translate/figs-inclusive)
when we were children
Here "children" is a metaphor for being spiritually immature. Alternate translation: "when we were like children" (See: rc://en/ta/man/translate/figs-metaphor)
we were enslaved to the elemental principles of the world
Here "enslaved" is a metaphor for being unable to stop one's self from doing something. This can be stated in active form. Alternate translation: "the elemental principles of the world controlled us" or "we had to obey the elemental principles of the world as if we were slaves" (See: rc://en/ta/man/translate/figs-metaphor and rc://en/ta/man/translate/figs-activepassive)
the elemental principles of the world
Possible meanings are 1) this refers to the laws or moral principles of the world, or 2) this refers to spiritual powers that some people thought control what happens on earth.