  We investigate the question discussed in the literature as to whether the
magnetic field can perform work using two models that describe interacting
magnetic dipoles. In the first model, the dipoles are realized by rigidly
rotating charge clouds, whereas in the second model, one of the two dipoles is
described by a real macroscopic spin density. The theoretical foundations of
the second model are formulated in a recently published paper. We obtain
equations of motion and detailed energy balance equations for both cases, but
the answer to the title question depends on the choice of criteria for
``magnetic work".
