ABSTRACT In a recent paper Alan Carter argues that the claim that workers’co‐operatives merely replace exploitation by employers with ‘self‐exploitation’is nonsense: the term ‘self‐exploitation’is self‐contradictory. He maintains that the only form of exploitation to which a workers’co‐operative may be said to be subject is ‘market‐exploitation’by dominant economic actors who are external to the co‐operative. I argue that these conclusions are mistaken. While the concept of ‘market‐exploitation’is not without value, it is difficult to operationalise. While the concept of ‘self‐exploitation’is, understood literally, (...) incoherent, the claims defended by some of the users of this term can be made conceptually respectable. (shrink)