Much of the rhetoric opposing managerialism in higher education can be ascribed to philosophical and political objections to the neo-liberal ideology which is alleged to underlie the phenomenon. This paper approaches managerialism from a different direction, addressing it within a neo-liberal framework. The paper argues that there is no intrinsic reason why support for a neo-liberal philosophy should equate with a belief in the need for managerialism in higher education. In particular, the author argues that neo-liberalism values freedom above other principles and that managerialism curtails academic freedom through control, instrumentalism and ideology and that, in all of these respects, it is counter-liberal. The paper concludes by suggesting an alternative approach to higher education which would enhance the importance of academic freedom within a neo-liberal policy framework.