diff --git a/changes/660-daviskirk.md b/changes/660-daviskirk.md
new file mode 100644
index 0000000000..8076b02621
--- /dev/null
+++ b/changes/660-daviskirk.md
@@ -0,0 +1 @@
+Add "exclude" as a field parameter so that it can be configured using model config instead of purely at `.dict` / `.json` export time.
diff --git a/docs/examples/exporting_models_exclude1.py b/docs/examples/exporting_models_exclude1.py
index 386c1cf468..ca14abefff 100644
--- a/docs/examples/exporting_models_exclude1.py
+++ b/docs/examples/exporting_models_exclude1.py
@@ -27,6 +27,6 @@ class Transaction(BaseModel):
 print(t.dict(exclude={'user', 'value'}))
 
 # using a dict:
-print(t.dict(exclude={'user': {'username', 'password'}, 'value': ...}))
+print(t.dict(exclude={'user': {'username', 'password'}, 'value': True}))
 
-print(t.dict(include={'id': ..., 'user': {'id'}}))
+print(t.dict(include={'id': True, 'user': {'id'}}))
diff --git a/docs/examples/exporting_models_exclude2.py b/docs/examples/exporting_models_exclude2.py
index 9c5ce06cb9..90d0447990 100644
--- a/docs/examples/exporting_models_exclude2.py
+++ b/docs/examples/exporting_models_exclude2.py
@@ -53,17 +53,17 @@ class User(BaseModel):
 )
 
 exclude_keys = {
-    'second_name': ...,
-    'address': {'post_code': ..., 'country': {'phone_code'}},
-    'card_details': ...,
+    'second_name': True,
+    'address': {'post_code': True, 'country': {'phone_code'}},
+    'card_details': True,
     # You can exclude fields from specific members of a tuple/list by index:
     'hobbies': {-1: {'info'}},
 }
 
 include_keys = {
-    'first_name': ...,
+    'first_name': True,
     'address': {'country': {'name'}},
-    'hobbies': {0: ..., -1: {'name'}},
+    'hobbies': {0: True, -1: {'name'}},
 }
 
 # would be the same as user.dict(exclude=exclude_keys) in this case:
diff --git a/docs/examples/exporting_models_exclude3.py b/docs/examples/exporting_models_exclude3.py
new file mode 100644
index 0000000000..d43e75199b
--- /dev/null
+++ b/docs/examples/exporting_models_exclude3.py
@@ -0,0 +1,29 @@
+from pydantic import BaseModel, Field, SecretStr
+
+
+class User(BaseModel):
+    id: int
+    username: str
+    password: SecretStr = Field(..., exclude=True)
+
+
+class Transaction(BaseModel):
+    id: str
+    user: User = Field(..., exclude={'username'})
+    value: int
+
+    class Config:
+        fields = {'value': {'exclude': True}}
+
+
+t = Transaction(
+    id='1234567890',
+    user=User(
+        id=42,
+        username='JohnDoe',
+        password='hashedpassword'
+    ),
+    value=9876543210,
+)
+
+print(t.dict())
diff --git a/docs/examples/exporting_models_exclude4.py b/docs/examples/exporting_models_exclude4.py
new file mode 100644
index 0000000000..713ddf6944
--- /dev/null
+++ b/docs/examples/exporting_models_exclude4.py
@@ -0,0 +1,26 @@
+from pydantic import BaseModel, Field, SecretStr
+
+
+class User(BaseModel):
+    id: int
+    username: str  # overridden by explicit exclude
+    password: SecretStr = Field(exclude=True)
+
+
+class Transaction(BaseModel):
+    id: str
+    user: User
+    value: int
+
+
+t = Transaction(
+    id='1234567890',
+    user=User(
+        id=42,
+        username='JohnDoe',
+        password='hashedpassword'
+    ),
+    value=9876543210,
+)
+
+print(t.dict(exclude={'value': True, 'user': {'username'}}))
diff --git a/docs/examples/exporting_models_exclude5.py b/docs/examples/exporting_models_exclude5.py
new file mode 100644
index 0000000000..c6262cb1b9
--- /dev/null
+++ b/docs/examples/exporting_models_exclude5.py
@@ -0,0 +1,26 @@
+from pydantic import BaseModel, Field, SecretStr
+
+
+class User(BaseModel):
+    id: int = Field(..., include=True)
+    username: str = Field(..., include=True)  # overridden by explicit include
+    password: SecretStr
+
+
+class Transaction(BaseModel):
+    id: str
+    user: User
+    value: int
+
+
+t = Transaction(
+    id='1234567890',
+    user=User(
+        id=42,
+        username='JohnDoe',
+        password='hashedpassword'
+    ),
+    value=9876543210,
+)
+
+print(t.dict(include={'id': True, 'user': {'id'}}))
diff --git a/docs/usage/exporting_models.md b/docs/usage/exporting_models.md
index 15cbd206b3..7c21d520cd 100644
--- a/docs/usage/exporting_models.md
+++ b/docs/usage/exporting_models.md
@@ -162,7 +162,7 @@ sets or dictionaries. This allows nested selection of which fields to export:
 {!.tmp_examples/exporting_models_exclude1.py!}
 ```
 
-The ellipsis (``...``) indicates that we want to exclude or include an entire key, just as if we included it in a set.
+The `True` indicates that we want to exclude or include an entire key, just as if we included it in a set.
 Of course, the same can be done at any depth level.
 
 Special care must be taken when including or excluding fields from a list or tuple of submodels or dictionaries.  In this scenario,
@@ -174,3 +174,30 @@ member of a list or tuple, the dictionary key `'__all__'` can be used as follows
 ```
 
 The same holds for the `json` and `copy` methods.
+
+### Model and field level include and exclude
+
+In addition to the explicit arguments `exclude` and `include` passed to `dict`, `json` and `copy` methods, we can also pass the `include`/`exclude` arguments directly to the `Field` constructor or the equivalent `field` entry in the models `Config` class:
+
+```py
+{!.tmp_examples/exporting_models_exclude3.py!}
+```
+
+In the case where multiple strategies are used, `exclude`/`include` fields are merged according to the following rules:
+
+* First, model config level settings (via `"fields"` entry) are merged per field with the field constructor settings (i.e. `Field(..., exclude=True)`), with the field constructor taking priority.
+* The resulting settings are merged per class with the explicit settings on `dict`, `json`, `copy` calls with the explicit settings taking priority.
+
+Note that while merging settings, `exclude` entries are merged by computing the "union" of keys, while `include` entries are merged by computing the "intersection" of keys.
+
+The resulting merged exclude settings:
+
+```py
+{!.tmp_examples/exporting_models_exclude4.py!}
+```
+
+are the same as using merged include settings as follows:
+
+```py
+{!.tmp_examples/exporting_models_exclude5.py!}
+```
diff --git a/docs/usage/schema.md b/docs/usage/schema.md
index 83ffd6d109..1a4c5f06f1 100644
--- a/docs/usage/schema.md
+++ b/docs/usage/schema.md
@@ -52,6 +52,8 @@ It has the following arguments:
 * `title`: if omitted, `field_name.title()` is used
 * `description`: if omitted and the annotation is a sub-model,
     the docstring of the sub-model will be used
+* `exclude`: exclude this field when dumping (`.dict` and `.json`) the instance. The exact syntax and configuration options are described in details in the [exporting models section](exporting_models.md#advanced-include-and-exclude).
+* `include`: include (only) this field when dumping (`.dict` and `.json`) the instance. The exact syntax and configuration options are described in details in the [exporting models section](exporting_models.md#advanced-include-and-exclude).
 * `const`: this argument *must* be the same as the field's default value if present.
 * `gt`: for numeric values (``int``, `float`, `Decimal`), adds a validation of "greater than" and an annotation
   of `exclusiveMinimum` to the JSON Schema
diff --git a/pydantic/fields.py b/pydantic/fields.py
index 449dd55d4c..75652a84e7 100644
--- a/pydantic/fields.py
+++ b/pydantic/fields.py
@@ -43,7 +43,7 @@
     is_typeddict,
     new_type_supertype,
 )
-from .utils import PyObjectStr, Representation, lenient_issubclass, sequence_like, smart_deepcopy
+from .utils import PyObjectStr, Representation, ValueItems, lenient_issubclass, sequence_like, smart_deepcopy
 from .validators import constant_validator, dict_validator, find_validators, validate_json
 
 Required: Any = Ellipsis
@@ -72,7 +72,7 @@ def __deepcopy__(self: T, _: Any) -> T:
     from .error_wrappers import ErrorList
     from .main import BaseConfig, BaseModel  # noqa: F401
     from .types import ModelOrDc  # noqa: F401
-    from .typing import ReprArgs  # noqa: F401
+    from .typing import AbstractSetIntStr, MappingIntStrAny, ReprArgs  # noqa: F401
 
     ValidateReturn = Tuple[Optional[Any], Optional[ErrorList]]
     LocStr = Union[Tuple[Union[int, str], ...], str]
@@ -91,6 +91,8 @@ class FieldInfo(Representation):
         'alias_priority',
         'title',
         'description',
+        'exclude',
+        'include',
         'const',
         'gt',
         'ge',
@@ -128,6 +130,8 @@ def __init__(self, default: Any = Undefined, **kwargs: Any) -> None:
         self.alias_priority = kwargs.pop('alias_priority', 2 if self.alias else None)
         self.title = kwargs.pop('title', None)
         self.description = kwargs.pop('description', None)
+        self.exclude = kwargs.pop('exclude', None)
+        self.include = kwargs.pop('include', None)
         self.const = kwargs.pop('const', None)
         self.gt = kwargs.pop('gt', None)
         self.ge = kwargs.pop('ge', None)
@@ -167,6 +171,10 @@ def update_from_config(self, from_config: Dict[str, Any]) -> None:
             else:
                 if current_value is self.__field_constraints__.get(attr_name, None):
                     setattr(self, attr_name, value)
+                elif attr_name == 'exclude':
+                    self.exclude = ValueItems.merge(value, current_value)
+                elif attr_name == 'include':
+                    self.include = ValueItems.merge(value, current_value, intersect=True)
 
     def _validate(self) -> None:
         if self.default not in (Undefined, Ellipsis) and self.default_factory is not None:
@@ -180,6 +188,8 @@ def Field(
     alias: str = None,
     title: str = None,
     description: str = None,
+    exclude: Union['AbstractSetIntStr', 'MappingIntStrAny', Any] = None,
+    include: Union['AbstractSetIntStr', 'MappingIntStrAny', Any] = None,
     const: bool = None,
     gt: float = None,
     ge: float = None,
@@ -205,6 +215,10 @@ def Field(
     :param alias: the public name of the field
     :param title: can be any string, used in the schema
     :param description: can be any string, used in the schema
+    :param exclude: exclude this field while dumping.
+      Takes same values as the ``include`` and ``exclude`` arguments on the ``.dict`` method.
+    :param include: include this field while dumping.
+      Takes same values as the ``include`` and ``exclude`` arguments on the ``.dict`` method.
     :param const: this field is required and *must* take it's default value
     :param gt: only applies to numbers, requires the field to be "greater than". The schema
       will have an ``exclusiveMinimum`` validation keyword
@@ -232,6 +246,8 @@ def Field(
         alias=alias,
         title=title,
         description=description,
+        exclude=exclude,
+        include=include,
         const=const,
         gt=gt,
         ge=ge,
@@ -382,7 +398,6 @@ def _get_field_info(
             field_info.update_from_config(field_info_from_config)
         elif field_info is None:
             field_info = FieldInfo(value, **field_info_from_config)
-
         value = None if field_info.default_factory is not None else field_info.default
         field_info._validate()
         return field_info, value
@@ -407,6 +422,7 @@ def infer(
         elif value is not Undefined:
             required = False
         annotation = get_annotation_from_field_info(annotation, field_info, name, config.validate_assignment)
+
         return cls(
             name=name,
             type_=annotation,
@@ -429,6 +445,12 @@ def set_config(self, config: Type['BaseConfig']) -> None:
             self.field_info.alias = new_alias
             self.field_info.alias_priority = new_alias_priority
             self.alias = new_alias
+        new_exclude = info_from_config.get('exclude')
+        if new_exclude is not None:
+            self.field_info.exclude = ValueItems.merge(self.field_info.exclude, new_exclude)
+        new_include = info_from_config.get('include')
+        if new_include is not None:
+            self.field_info.include = ValueItems.merge(self.field_info.include, new_include, intersect=True)
 
     @property
     def alt_alias(self) -> bool:
diff --git a/pydantic/main.py b/pydantic/main.py
index f6aca41048..b0d58cae71 100644
--- a/pydantic/main.py
+++ b/pydantic/main.py
@@ -345,6 +345,14 @@ def is_untouched(v: Any) -> bool:
         new_namespace = {
             '__config__': config,
             '__fields__': fields,
+            '__exclude_fields__': {
+                name: field.field_info.exclude for name, field in fields.items() if field.field_info.exclude is not None
+            }
+            or None,
+            '__include_fields__': {
+                name: field.field_info.include for name, field in fields.items() if field.field_info.include is not None
+            }
+            or None,
             '__validators__': vg.validators,
             '__pre_root_validators__': unique_list(pre_root_validators + pre_rv_new),
             '__post_root_validators__': unique_list(post_root_validators + post_rv_new),
@@ -371,6 +379,8 @@ class BaseModel(Representation, metaclass=ModelMetaclass):
     if TYPE_CHECKING:
         # populated by the metaclass, defined here to help IDEs only
         __fields__: Dict[str, ModelField] = {}
+        __include_fields__: Optional[Mapping[str, Any]] = None
+        __exclude_fields__: Optional[Mapping[str, Any]] = None
         __validators__: Dict[str, AnyCallable] = {}
         __pre_root_validators__: List[AnyCallable]
         __post_root_validators__: List[Tuple[bool, AnyCallable]]
@@ -842,14 +852,24 @@ def _iter(
         exclude_none: bool = False,
     ) -> 'TupleGenerator':
 
-        allowed_keys = self._calculate_keys(include=include, exclude=exclude, exclude_unset=exclude_unset)
+        # Merge field set excludes with explicit exclude parameter with explicit overriding field set options.
+        # The extra "is not None" guards are not logically necessary but optimizes performance for the simple case.
+        if exclude is not None or self.__exclude_fields__ is not None:
+            exclude = ValueItems.merge(self.__exclude_fields__, exclude)
+
+        if include is not None or self.__include_fields__ is not None:
+            include = ValueItems.merge(self.__include_fields__, include, intersect=True)
+
+        allowed_keys = self._calculate_keys(
+            include=include, exclude=exclude, exclude_unset=exclude_unset  # type: ignore
+        )
         if allowed_keys is None and not (to_dict or by_alias or exclude_unset or exclude_defaults or exclude_none):
             # huge boost for plain _iter()
             yield from self.__dict__.items()
             return
 
-        value_exclude = ValueItems(self, exclude) if exclude else None
-        value_include = ValueItems(self, include) if include else None
+        value_exclude = ValueItems(self, exclude) if exclude is not None else None
+        value_include = ValueItems(self, include) if include is not None else None
 
         for field_key, v in self.__dict__.items():
             if (allowed_keys is not None and field_key not in allowed_keys) or (exclude_none and v is None):
@@ -880,8 +900,8 @@ def _iter(
 
     def _calculate_keys(
         self,
-        include: Optional[Union['AbstractSetIntStr', 'MappingIntStrAny']],
-        exclude: Optional[Union['AbstractSetIntStr', 'MappingIntStrAny']],
+        include: Optional['MappingIntStrAny'],
+        exclude: Optional['MappingIntStrAny'],
         exclude_unset: bool,
         update: Optional['DictStrAny'] = None,
     ) -> Optional[AbstractSet[str]]:
@@ -895,19 +915,13 @@ def _calculate_keys(
             keys = self.__dict__.keys()
 
         if include is not None:
-            if isinstance(include, Mapping):
-                keys &= include.keys()
-            else:
-                keys &= include
+            keys &= include.keys()
 
         if update:
             keys -= update.keys()
 
         if exclude:
-            if isinstance(exclude, Mapping):
-                keys -= {k for k, v in exclude.items() if v is ...}
-            else:
-                keys -= exclude
+            keys -= {k for k, v in exclude.items() if ValueItems.is_true(v)}
 
         return keys
 
diff --git a/pydantic/utils.py b/pydantic/utils.py
index 8a8351c6e5..c2a6e514f0 100644
--- a/pydantic/utils.py
+++ b/pydantic/utils.py
@@ -21,7 +21,6 @@
     Type,
     TypeVar,
     Union,
-    no_type_check,
 )
 
 from .typing import GenericAlias, NoneType, display_as_type
@@ -291,49 +290,6 @@ def unique_list(input_list: Union[List[T], Tuple[T, ...]]) -> List[T]:
     return result
 
 
-def update_normalized_all(
-    item: Union['AbstractSetIntStr', 'MappingIntStrAny'],
-    all_items: Union['AbstractSetIntStr', 'MappingIntStrAny'],
-) -> Union['AbstractSetIntStr', 'MappingIntStrAny']:
-    """
-    Update item based on what all items contains.
-
-    The update is done based on these cases:
-
-    - if both arguments are dicts then each key-value pair existing in ``all_items`` is merged into ``item``,
-      while the rest of the key-value pairs are updated recursively with this function.
-    - if both arguments are sets then they are just merged.
-    - if ``item`` is a dictionary and ``all_items`` is a set then all values of it are added to ``item`` as
-      ``key: ...``.
-    - if ``item`` is set and ``all_items`` is a dictionary, then ``item`` is converted to a dictionary and then the
-      key-value pairs of ``all_items`` are merged in it.
-
-    During recursive calls, there is a case where ``all_items`` can be an Ellipsis, in which case the ``item`` is
-    returned as is.
-    """
-    if not item:
-        return all_items
-    if isinstance(item, dict) and isinstance(all_items, dict):
-        item = dict(item)
-        item.update({k: update_normalized_all(item[k], v) for k, v in all_items.items() if k in item})
-        item.update({k: v for k, v in all_items.items() if k not in item})
-        return item
-    if isinstance(item, set) and isinstance(all_items, set):
-        item = set(item)
-        item.update(all_items)
-        return item
-    if isinstance(item, dict) and isinstance(all_items, set):
-        item = dict(item)
-        item.update({k: ... for k in all_items if k not in item})
-        return item
-    if isinstance(item, set) and isinstance(all_items, dict):
-        item = {k: ... for k in item}
-        item.update({k: v for k, v in all_items.items() if k not in item})
-        return item
-    # Case when item or all_items is ... (in recursive calls).
-    return item
-
-
 class PyObjectStr(str):
     """
     String class where repr doesn't include quotes. Useful with Representation when you want to return a string
@@ -466,37 +422,21 @@ class ValueItems(Representation):
     __slots__ = ('_items', '_type')
 
     def __init__(self, value: Any, items: Union['AbstractSetIntStr', 'MappingIntStrAny']) -> None:
-        if TYPE_CHECKING:
-            self._items: Union['AbstractSetIntStr', 'MappingIntStrAny']
-            self._type: Type[Union[set, dict]]  # type: ignore
-
-        # For further type checks speed-up
-        if isinstance(items, Mapping):
-            self._type = dict
-        elif isinstance(items, AbstractSet):
-            self._type = set
-        else:
-            raise TypeError(f'Unexpected type of exclude value {items.__class__}')
+        items = self._coerce_items(items)
 
         if isinstance(value, (list, tuple)):
             items = self._normalize_indexes(items, len(value))
 
-        self._items = items
+        self._items: 'MappingIntStrAny' = items
 
-    @no_type_check
     def is_excluded(self, item: Any) -> bool:
         """
-        Check if item is fully excluded
-        (value considered excluded if self._type is set and item contained in self._items
-         or self._type is dict and self._items.get(item) is ...
+        Check if item is fully excluded.
 
         :param item: key or index of a value
         """
-        if self._type is set:
-            return item in self._items
-        return self._items.get(item) is ...
+        return self.is_true(self._items.get(item))
 
-    @no_type_check
     def is_included(self, item: Any) -> bool:
         """
         Check if value is contained in self._items
@@ -505,63 +445,112 @@ def is_included(self, item: Any) -> bool:
         """
         return item in self._items
 
-    @no_type_check
     def for_element(self, e: 'IntStr') -> Optional[Union['AbstractSetIntStr', 'MappingIntStrAny']]:
         """
         :param e: key or index of element on value
         :return: raw values for elemet if self._items is dict and contain needed element
         """
 
-        if self._type is dict:
-            item = self._items.get(e)
-            return item if item is not ... else None
-        return None
+        item = self._items.get(e)
+        return item if not self.is_true(item) else None
 
-    @no_type_check
-    def _normalize_indexes(
-        self, items: Union['AbstractSetIntStr', 'MappingIntStrAny'], v_length: int
-    ) -> Union['AbstractSetIntStr', 'DictIntStrAny']:
+    def _normalize_indexes(self, items: 'MappingIntStrAny', v_length: int) -> 'DictIntStrAny':
         """
         :param items: dict or set of indexes which will be normalized
         :param v_length: length of sequence indexes of which will be
 
-        >>> self._normalize_indexes({0, -2, -1}, 4)
-        {0, 2, 3}
-        >>> self._normalize_indexes({'__all__'}, 4)
-        {0, 1, 2, 3}
+        >>> self._normalize_indexes({0: True, -2: True, -1: True}, 4)
+        {0: True, 2: True, 3: True}
+        >>> self._normalize_indexes({'__all__': True}, 4)
+        {0: True, 1: True, 2: True, 3: True}
         """
-        if any(not isinstance(i, int) and i != '__all__' for i in items):
-            raise TypeError(
-                'Excluding fields from a sequence of sub-models or dicts must be performed index-wise: '
-                'expected integer keys or keyword "__all__"'
-            )
-        if self._type is set:
-            if '__all__' in items:
-                if items != {'__all__'}:
-                    raise ValueError('set with keyword "__all__" must not contain other elements')
-                return {i for i in range(v_length)}
-            return {v_length + i if i < 0 else i for i in items}
-        else:
-            all_items = items.get('__all__')
-            for i, v in items.items():
-                if not (isinstance(v, Mapping) or isinstance(v, AbstractSet) or v is ...):
-                    raise TypeError(f'Unexpected type of exclude value for index "{i}" {v.__class__}')
-            normalized_items = {v_length + i if i < 0 else i: v for i, v in items.items() if i != '__all__'}
-            if all_items:
-                default: Type[Union[Set[Any], Dict[Any, Any]]]
-                if isinstance(all_items, Mapping):
-                    default = dict
-                elif isinstance(all_items, AbstractSet):
-                    default = set
-                else:
-                    for i in range(v_length):
-                        normalized_items.setdefault(i, ...)
-                    return normalized_items
-                for i in range(v_length):
-                    normalized_item = normalized_items.setdefault(i, default())
-                    if normalized_item is not ...:
-                        normalized_items[i] = update_normalized_all(normalized_item, all_items)
+
+        normalized_items: 'DictIntStrAny' = {}
+        all_items = None
+        for i, v in items.items():
+            if not (isinstance(v, Mapping) or isinstance(v, AbstractSet) or self.is_true(v)):
+                raise TypeError(f'Unexpected type of exclude value for index "{i}" {v.__class__}')
+            if i == '__all__':
+                all_items = self._coerce_value(v)
+                continue
+            if not isinstance(i, int):
+                raise TypeError(
+                    'Excluding fields from a sequence of sub-models or dicts must be performed index-wise: '
+                    'expected integer keys or keyword "__all__"'
+                )
+            normalized_i = v_length + i if i < 0 else i
+            normalized_items[normalized_i] = self.merge(v, normalized_items.get(normalized_i))
+
+        if not all_items:
             return normalized_items
+        if self.is_true(all_items):
+            for i in range(v_length):
+                normalized_items.setdefault(i, ...)
+            return normalized_items
+        for i in range(v_length):
+            normalized_item = normalized_items.setdefault(i, {})
+            if not self.is_true(normalized_item):
+                normalized_items[i] = self.merge(all_items, normalized_item)
+        return normalized_items
+
+    @classmethod
+    def merge(cls, base: Any, override: Any, intersect: bool = False) -> Any:
+        """
+        Merge a ``base`` item with an ``override`` item.
+
+        Both ``base`` and ``override`` are converted to dictionaries if possible.
+        Sets are converted to dictionaries with the sets entries as keys and
+        Ellipsis as values.
+
+        Each key-value pair existing in ``base`` is merged with ``override``,
+        while the rest of the key-value pairs are updated recursively with this function.
+
+        Merging takes place based on the "union" of keys if ``intersect`` is
+        set to ``False`` (default) and on the intersection of keys if
+        ``intersect`` is set to ``True``.
+        """
+        override = cls._coerce_value(override)
+        base = cls._coerce_value(base)
+        if override is None:
+            return base
+        if cls.is_true(base) or base is None:
+            return override
+        if cls.is_true(override):
+            return base if intersect else override
+
+        # intersection or union of keys while preserving ordering:
+        if intersect:
+            merge_keys = [k for k in base if k in override] + [k for k in override if k in base]
+        else:
+            merge_keys = list(base) + [k for k in override if k not in base]
+
+        merged: 'DictIntStrAny' = {}
+        for k in merge_keys:
+            merged_item = cls.merge(base.get(k), override.get(k), intersect=intersect)
+            if merged_item is not None:
+                merged[k] = merged_item
+
+        return merged
+
+    @staticmethod
+    def _coerce_items(items: Union['AbstractSetIntStr', 'MappingIntStrAny']) -> 'MappingIntStrAny':
+        if isinstance(items, Mapping):
+            pass
+        elif isinstance(items, AbstractSet):
+            items = dict.fromkeys(items, ...)
+        else:
+            raise TypeError(f'Unexpected type of exclude value {items.__class__}')
+        return items
+
+    @classmethod
+    def _coerce_value(cls, value: Any) -> Any:
+        if value is None or cls.is_true(value):
+            return value
+        return cls._coerce_items(value)
+
+    @staticmethod
+    def is_true(v: Any) -> bool:
+        return v is True or v is ...
 
     def __repr_args__(self) -> 'ReprArgs':
         return [(None, self._items)]
diff --git a/tests/test_construction.py b/tests/test_construction.py
index 8a8130c489..19e912b398 100644
--- a/tests/test_construction.py
+++ b/tests/test_construction.py
@@ -329,8 +329,8 @@ class Model(BaseModel):
     assert m.copy(exclude={'c'}).dict() == {'d': {'a': 'ax', 'b': 'bx'}}
     assert m.copy(exclude={'c'}, update={'c': 42}).dict() == {'c': 42, 'd': {'a': 'ax', 'b': 'bx'}}
 
-    assert m._calculate_keys(exclude={'x'}, include=None, exclude_unset=False) == {'c', 'd'}
-    assert m._calculate_keys(exclude={'x'}, include=None, exclude_unset=False, update={'c': 42}) == {'d'}
+    assert m._calculate_keys(exclude={'x': ...}, include=None, exclude_unset=False) == {'c', 'd'}
+    assert m._calculate_keys(exclude={'x': ...}, include=None, exclude_unset=False, update={'c': 42}) == {'d'}
 
 
 def test_shallow_copy_modify():
diff --git a/tests/test_main.py b/tests/test_main.py
index 328e89a2b3..9e2ae43f17 100644
--- a/tests/test_main.py
+++ b/tests/test_main.py
@@ -1,10 +1,12 @@
 import sys
 from collections import defaultdict
+from copy import deepcopy
 from enum import Enum
 from typing import Any, Callable, ClassVar, DefaultDict, Dict, List, Mapping, Optional, Type, get_type_hints
 from uuid import UUID, uuid4
 
 import pytest
+from pytest import param
 
 from pydantic import (
     BaseModel,
@@ -1348,7 +1350,72 @@ class Bar(BaseModel):
     assert dict(m) == {'c': 3, 'd': Foo()}
 
 
-def test_model_export_nested_list():
+@pytest.mark.parametrize(
+    'exclude,expected,raises_match',
+    [
+        param(
+            {'foos': {0: {'a'}, 1: {'a'}}},
+            {'c': 3, 'foos': [{'b': 2}, {'b': 4}]},
+            None,
+            id='excluding fields of indexed list items',
+        ),
+        param(
+            {'foos': {'a'}},
+            TypeError,
+            'expected integer keys',
+            id='should fail trying to exclude string keys on list field (1).',
+        ),
+        param(
+            {'foos': {0: ..., 'a': ...}},
+            TypeError,
+            'expected integer keys',
+            id='should fail trying to exclude string keys on list field (2).',
+        ),
+        param(
+            {'foos': {0: 1}},
+            TypeError,
+            'Unexpected type',
+            id='should fail using integer key to specify list item field name (1)',
+        ),
+        param(
+            {'foos': {'__all__': 1}},
+            TypeError,
+            'Unexpected type',
+            id='should fail using integer key to specify list item field name (2)',
+        ),
+        param(
+            {'foos': {'__all__': {'a'}}},
+            {'c': 3, 'foos': [{'b': 2}, {'b': 4}]},
+            None,
+            id='using "__all__" to exclude specific nested field',
+        ),
+        param(
+            {'foos': {0: {'b'}, '__all__': {'a'}}},
+            {'c': 3, 'foos': [{}, {'b': 4}]},
+            None,
+            id='using "__all__" to exclude specific nested field in combination with more specific exclude',
+        ),
+        param(
+            {'foos': {'__all__'}},
+            {'c': 3, 'foos': []},
+            None,
+            id='using "__all__" to exclude all list items',
+        ),
+        param(
+            {'foos': {1, '__all__'}},
+            {'c': 3, 'foos': []},
+            None,
+            id='using "__all__" and other items should get merged together, still excluding all list items',
+        ),
+        param(
+            {'foos': {1: {'a'}, -1: {'b'}}},
+            {'c': 3, 'foos': [{'a': 1, 'b': 2}, {}]},
+            None,
+            id='using negative and positive indexes, referencing the same items should merge excludes',
+        ),
+    ],
+)
+def test_model_export_nested_list(exclude, expected, raises_match):
     class Foo(BaseModel):
         a: int = 1
         b: int = 2
@@ -1359,41 +1426,234 @@ class Bar(BaseModel):
 
     m = Bar(c=3, foos=[Foo(a=1, b=2), Foo(a=3, b=4)])
 
-    assert m.dict(exclude={'foos': {0: {'a'}, 1: {'a'}}}) == {'c': 3, 'foos': [{'b': 2}, {'b': 4}]}
+    if isinstance(expected, type) and issubclass(expected, Exception):
+        with pytest.raises(expected, match=raises_match):
+            m.dict(exclude=exclude)
+    else:
+        original_exclude = deepcopy(exclude)
+        assert m.dict(exclude=exclude) == expected
+        assert exclude == original_exclude
+
+
+@pytest.mark.parametrize(
+    'excludes,expected',
+    [
+        param(
+            {'bars': {0}},
+            {'a': 1, 'bars': [{'y': 2}, {'w': -1, 'z': 3}]},
+            id='excluding first item from list field using index',
+        ),
+        param({'bars': {'__all__'}}, {'a': 1, 'bars': []}, id='using "__all__" to exclude all list items'),
+        param(
+            {'bars': {'__all__': {'w'}}},
+            {'a': 1, 'bars': [{'x': 1}, {'y': 2}, {'z': 3}]},
+            id='exclude single dict key from all list items',
+        ),
+    ],
+)
+def test_model_export_dict_exclusion(excludes, expected):
+    class Foo(BaseModel):
+        a: int = 1
+        bars: List[Dict[str, int]]
 
-    with pytest.raises(TypeError, match='expected integer keys'):
-        m.dict(exclude={'foos': {'a'}})
-    with pytest.raises(TypeError, match='expected integer keys'):
-        m.dict(exclude={'foos': {0: ..., 'a': ...}})
-    with pytest.raises(TypeError, match='Unexpected type'):
-        m.dict(exclude={'foos': {0: 1}})
-    with pytest.raises(TypeError, match='Unexpected type'):
-        m.dict(exclude={'foos': {'__all__': 1}})
+    m = Foo(a=1, bars=[{'w': 0, 'x': 1}, {'y': 2}, {'w': -1, 'z': 3}])
 
-    assert m.dict(exclude={'foos': {0: {'b'}, '__all__': {'a'}}}) == {'c': 3, 'foos': [{}, {'b': 4}]}
-    assert m.dict(exclude={'foos': {'__all__': {'a'}}}) == {'c': 3, 'foos': [{'b': 2}, {'b': 4}]}
-    assert m.dict(exclude={'foos': {'__all__'}}) == {'c': 3, 'foos': []}
+    original_excludes = deepcopy(excludes)
+    assert m.dict(exclude=excludes) == expected
+    assert excludes == original_excludes
 
-    with pytest.raises(ValueError, match='set with keyword "__all__" must not contain other elements'):
-        m.dict(exclude={'foos': {1, '__all__'}})
 
+def test_model_exclude_config_field_merging():
+    """Test merging field exclude values from config."""
 
-def test_model_export_dict_exclusion():
-    class Foo(BaseModel):
-        a: int = 1
-        bars: List[Dict[str, int]]
+    class Model(BaseModel):
+        b: int = Field(2, exclude=...)
 
-    m = Foo(a=1, bars=[{'w': 0, 'x': 1}, {'y': 2}, {'w': -1, 'z': 3}])
+        class Config:
+            fields = {
+                'b': {'exclude': ...},
+            }
+
+    assert Model.__fields__['b'].field_info.exclude is ...
+
+    class Model(BaseModel):
+        b: int = Field(2, exclude={'a': {'test'}})
+
+        class Config:
+            fields = {
+                'b': {'exclude': ...},
+            }
+
+    assert Model.__fields__['b'].field_info.exclude == {'a': {'test'}}
+
+    class Model(BaseModel):
+        b: int = Field(2, exclude={'foo'})
+
+        class Config:
+            fields = {
+                'b': {'exclude': {'bar'}},
+            }
+
+    assert Model.__fields__['b'].field_info.exclude == {'foo': ..., 'bar': ...}
+
+
+@pytest.mark.parametrize(
+    'kinds',
+    [
+        {'sub_fields', 'model_fields', 'model_config', 'sub_config', 'combined_config'},
+        {'sub_fields', 'model_fields', 'combined_config'},
+        {'sub_fields', 'model_fields'},
+        {'combined_config'},
+        {'model_config', 'sub_config'},
+        {'model_config', 'sub_fields'},
+        {'model_fields', 'sub_config'},
+    ],
+)
+@pytest.mark.parametrize(
+    'exclude,expected',
+    [
+        (None, {'a': 0, 'c': {'a': [3, 5], 'c': 'foobar'}, 'd': {'c': 'foobar'}}),
+        ({'c', 'd'}, {'a': 0}),
+        ({'a': ..., 'c': ..., 'd': {'a': ..., 'c': ...}}, {'d': {}}),
+    ],
+)
+def test_model_export_exclusion_with_fields_and_config(kinds, exclude, expected):
+    """Test that exporting models with fields using the export parameter works."""
+
+    class ChildConfig:
+        pass
+
+    if 'sub_config' in kinds:
+        ChildConfig.fields = {'b': {'exclude': ...}, 'a': {'exclude': {1}}}
+
+    class ParentConfig:
+        pass
+
+    if 'combined_config' in kinds:
+        ParentConfig.fields = {
+            'b': {'exclude': ...},
+            'c': {'exclude': {'b': ..., 'a': {1}}},
+            'd': {'exclude': {'a': ..., 'b': ...}},
+        }
+
+    elif 'model_config' in kinds:
+        ParentConfig.fields = {'b': {'exclude': ...}, 'd': {'exclude': {'a'}}}
+
+    class Sub(BaseModel):
+        a: List[int] = Field([3, 4, 5], exclude={1} if 'sub_fields' in kinds else None)
+        b: int = Field(4, exclude=... if 'sub_fields' in kinds else None)
+        c: str = 'foobar'
+
+        Config = ChildConfig
+
+    class Model(BaseModel):
+        a: int = 0
+        b: int = Field(2, exclude=... if 'model_fields' in kinds else None)
+        c: Sub = Sub()
+        d: Sub = Field(Sub(), exclude={'a'} if 'model_fields' in kinds else None)
 
-    excludes = {'bars': {0}}
-    assert m.dict(exclude=excludes) == {'a': 1, 'bars': [{'y': 2}, {'w': -1, 'z': 3}]}
-    assert excludes == {'bars': {0}}
-    excludes = {'bars': {'__all__'}}
-    assert m.dict(exclude=excludes) == {'a': 1, 'bars': []}
-    assert excludes == {'bars': {'__all__'}}
-    excludes = {'bars': {'__all__': {'w'}}}
-    assert m.dict(exclude=excludes) == {'a': 1, 'bars': [{'x': 1}, {'y': 2}, {'z': 3}]}
-    assert excludes == {'bars': {'__all__': {'w'}}}
+        Config = ParentConfig
+
+    m = Model()
+    assert m.dict(exclude=exclude) == expected, 'Unexpected model export result'
+
+
+def test_model_export_exclusion_inheritance():
+    class Sub(BaseModel):
+        s1: str = 'v1'
+        s2: str = 'v2'
+        s3: str = 'v3'
+        s4: str = Field('v4', exclude=...)
+
+    class Parent(BaseModel):
+        a: int
+        b: int = Field(..., exclude=...)
+        c: int
+        d: int
+        s: Sub = Sub()
+
+        class Config:
+            fields = {'a': {'exclude': ...}, 's': {'exclude': {'s1'}}}
+
+    class Child(Parent):
+        class Config:
+            fields = {'c': {'exclude': ...}, 's': {'exclude': {'s2'}}}
+
+    actual = Child(a=0, b=1, c=2, d=3).dict()
+    expected = {'d': 3, 's': {'s3': 'v3'}}
+    assert actual == expected, 'Unexpected model export result'
+
+
+def test_model_export_with_true_instead_of_ellipsis():
+    class Sub(BaseModel):
+        s1: int = 1
+
+    class Model(BaseModel):
+        a: int = 2
+        b: int = Field(3, exclude=True)
+        c: int = Field(4)
+        s: Sub = Sub()
+
+        class Config:
+            fields = {'c': {'exclude': True}}
+
+    m = Model()
+    assert m.dict(exclude={'s': True}) == {'a': 2}
+
+
+def test_model_export_inclusion():
+    class Sub(BaseModel):
+        s1: str = 'v1'
+        s2: str = 'v2'
+        s3: str = 'v3'
+        s4: str = 'v4'
+
+    class Model(BaseModel):
+        a: Sub = Sub()
+        b: Sub = Field(Sub(), include={'s1'})
+        c: Sub = Field(Sub(), include={'s1', 's2'})
+
+        class Config:
+            fields = {'a': {'include': {'s2', 's1', 's3'}}, 'b': {'include': {'s1', 's2', 's3', 's4'}}}
+
+    Model.__fields__['a'].field_info.include == {'s1': ..., 's2': ..., 's3': ...}
+    Model.__fields__['b'].field_info.include == {'s1': ...}
+    Model.__fields__['c'].field_info.include == {'s1': ..., 's2': ...}
+
+    actual = Model().dict(include={'a': {'s3', 's4'}, 'b': ..., 'c': ...})
+    # s1 included via field, s2 via config and s3 via .dict call:
+    expected = {'a': {'s3': 'v3'}, 'b': {'s1': 'v1'}, 'c': {'s1': 'v1', 's2': 'v2'}}
+
+    assert actual == expected, 'Unexpected model export result'
+
+
+def test_model_export_inclusion_inheritance():
+    class Sub(BaseModel):
+        s1: str = Field('v1', include=...)
+        s2: str = Field('v2', include=...)
+        s3: str = Field('v3', include=...)
+        s4: str = 'v4'
+
+    class Parent(BaseModel):
+        a: int
+        b: int
+        c: int
+        s: Sub = Field(Sub(), include={'s1', 's2'})  # overrides includes set in Sub model
+
+        class Config:
+            # b will be included since fields are set idependently
+            fields = {'b': {'include': ...}}
+
+    class Child(Parent):
+        class Config:
+            # b is still included even if it doesn't occur here since fields
+            # are still considered separately.
+            # s however, is merged, resulting in only s1 being included.
+            fields = {'a': {'include': ...}, 's': {'include': {'s1'}}}
+
+    actual = Child(a=0, b=1, c=2).dict()
+    expected = {'a': 0, 'b': 1, 's': {'s1': 'v1'}}
+    assert actual == expected, 'Unexpected model export result'
 
 
 def test_custom_init_subclass_params():
diff --git a/tests/test_utils.py b/tests/test_utils.py
index d3c9922865..fc1a3814f7 100644
--- a/tests/test_utils.py
+++ b/tests/test_utils.py
@@ -177,7 +177,7 @@ def test_value_items():
 
     sub_v = included['a']
     sub_vi = ValueItems(sub_v, vi.for_element('a'))
-    assert repr(sub_vi) == 'ValueItems({0, 2})'
+    assert repr(sub_vi) == 'ValueItems({0: Ellipsis, 2: Ellipsis})'
 
     assert sub_vi.is_excluded(2)
     assert [v_ for i, v_ in enumerate(sub_v) if not sub_vi.is_excluded(i)] == ['b']
@@ -186,6 +186,55 @@ def test_value_items():
     assert [v_ for i, v_ in enumerate(sub_v) if sub_vi.is_included(i)] == ['a', 'c']
 
 
+@pytest.mark.parametrize(
+    'base,override,intersect,expected',
+    [
+        # Check in default (union) mode
+        (..., ..., False, ...),
+        (None, None, False, None),
+        ({}, {}, False, {}),
+        (..., None, False, ...),
+        (None, ..., False, ...),
+        (None, {}, False, {}),
+        ({}, None, False, {}),
+        (..., {}, False, {}),
+        ({}, ..., False, ...),
+        ({'a': None}, {'a': None}, False, {}),
+        ({'a'}, ..., False, ...),
+        ({'a'}, {}, False, {'a': ...}),
+        ({'a'}, {'b'}, False, {'a': ..., 'b': ...}),
+        ({'a': ...}, {'b': {'c'}}, False, {'a': ..., 'b': {'c': ...}}),
+        ({'a': ...}, {'a': {'c'}}, False, {'a': {'c': ...}}),
+        ({'a': {'c': ...}, 'b': {'d'}}, {'a': ...}, False, {'a': ..., 'b': {'d': ...}}),
+        # Check in intersection mode
+        (..., ..., True, ...),
+        (None, None, True, None),
+        ({}, {}, True, {}),
+        (..., None, True, ...),
+        (None, ..., True, ...),
+        (None, {}, True, {}),
+        ({}, None, True, {}),
+        (..., {}, True, {}),
+        ({}, ..., True, {}),
+        ({'a': None}, {'a': None}, True, {}),
+        ({'a'}, ..., True, {'a': ...}),
+        ({'a'}, {}, True, {}),
+        ({'a'}, {'b'}, True, {}),
+        ({'a': ...}, {'b': {'c'}}, True, {}),
+        ({'a': ...}, {'a': {'c'}}, True, {'a': {'c': ...}}),
+        ({'a': {'c': ...}, 'b': {'d'}}, {'a': ...}, True, {'a': {'c': ...}}),
+        # Check usage of `True` instead of `...`
+        (..., True, False, True),
+        (True, ..., False, ...),
+        (True, None, False, True),
+        ({'a': {'c': True}, 'b': {'d'}}, {'a': True}, False, {'a': True, 'b': {'d': ...}}),
+    ],
+)
+def test_value_items_merge(base, override, intersect, expected):
+    actual = ValueItems.merge(base, override, intersect=intersect)
+    assert actual == expected
+
+
 def test_value_items_error():
     with pytest.raises(TypeError) as e:
         ValueItems(1, (1, 2, 3))