This article is part of an international research project which is investigating the changing nature of the academic profession in twenty-two countries in the twenty-first century. This article focuses on the discourses of global competition; the permeation of a business ethos and higher education values; the quest for efficiency; diversification and changes in funding frameworks; and the increasing demand for higher education. The article draws from results of surveys made in the academic profession in South Africa in order to examine, firstly, the nature of the academic profession in South Africa and highlights the impacts of the global economy and new managerialism on institutional structures. Secondly, the article explores how these changes have brought about changes in the roles of academics and management in higher education institutions in South Africa. The article examines institutional demands on academics as a response to these changes, the permeation of business values and ethos in higher education institutions, and their implications for the academic profession and individual academics. (Contains 2 tables and 1 note.)