I first characterize a moral mistake in coercion. The principle of independence with which I criticize coercion seems also to condemn exchange. I propose an account of exchange from which it follows that exchange upholds independence after all. In support of that account I argue that, of the accounts of exchange that occur to me, only this one has the consequence that, on general assumptions, a person can take part in exchange while acting, intending, and believing with sufficient reason. I (...) argue that the hiring of very poor people by very rich people for labor from which the rich draw a substantial surplus does not give rise to an exchange of this kind. These instances of the wage labor relation resemble coercion insofar as they violate independence. (shrink)