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Those who advocate devaluation are calling for a reduction in the wage levels and the real wage standards of every member of the working class.
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"Chancellor stands by three per cent growth and no devaluation", The Times, 25 July 1967, p. 13
--
The government was forced to devalue in November 1967.

 

James Callaghan

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The capitalist class is represented by the Republican, Democratic, Populist and Prohibition parties, all of which stand for private ownership of the means of production, and the triumph of any one of which will mean continued wage-slavery to the working class.

 

Eugene V. Debs

 

By bourgeoisie is meant the class of modern capitalists, owners of the means of social production and employers of wage labor. By proletariat, the class of modern wage laborers who, having no means of production of their own, are reduced to selling their labor power in order to live.

 

Friedrich Engels

 

There has never been a free people, a civilized nation, a real republic on this earth. Human society has always consisted of masters and slaves, and the slaves have always been and are today, the foundation stones of the social fabric.
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You cannot bring about prosperity by discouraging thrift. You cannot strengthen the weak by weakening the strong. You cannot help small men by tearing down big men. You cannot help the poor by destroying the rich. You cannot lift the wage earner by pulling down the wage payer. You cannot keep out of trouble by spending more than your income. You cannot further the brotherhood of man by inciting class hatreds. You cannot establish security on borrowed money. You cannot build character and courage by taking away a man's initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves.

 

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The capitalist is very fond of declaring that labour is a commodity, and the wage contract a bargain of purchase and sale like any other. But he instinctively expects his wage-earners to render him, not only obedience, but also personal deference. If the wage contract is a bargain of purchase and sale like any other, why is the workman expected to toff his hat to his employer, and to say ‘sir’ to him without reciprocity?

 

Sidney Webb