This paper addresses exploitation in the context of commodity production by worker-controlled enterprises, arguing that cooperative/collective social relations within the firm don't suffice to guarantee absence of exploitation. Labor in worker-controlled enterprises is not formally subsumed to capital, but this doesn't preclude alternative forms of exploitative appropriation, including noncapitalist appropriation and other forms of capitalist appropriation beyond the “capitalist mode of production” and its formal subsumption of labor. Marx noted the possibility of “capitalist exploitation without the capitalist mode of production,” meaning workers empowered to direct their own labor process but enmeshed in financial relations allowing a formal but not a real capacity to (fully) appropriate their own surplus labor. Analysis should not assume that real appropriation follows automatically from the power to direct the labor process. Avoidance of exploitation in a commodity setting requires an institutional superstructure allowing collective determination of and consent to the basic “rules” for the market sphere.