Export education in New Zealand has grown rapidly since 1990, earning significant foreign exchange and underwriting the finance of domestic education. As principal owner of education institutions, the national state is the primary investor. Previous governments treated the "industry" as both windfall and cash-cow as they advanced the neo-liberal project of disentangling state from economy and making education providers self-regulating. The current "Third Way" inspired government has adopted a more prominent management interest in the making of this globalising industry. A new Code of Practice enacts multiple technologies of control from quality control to standard setting, benchmarking, certification and audit. Legitimated by a discourse of concern for the pastoral care of school-aged students, it requires institutions to provide detailed information. The Code makes "the industry" visible, makes a market, controls brand NZ education, regulates through consumer assurance, and imposes direct disciplinary controls on institutions. The Code of Practice makes apparent the ambitions and governmental technologies of the "augmented" neo-liberal state, and is a pivotal structure in the constitution of the industry and of the globalising processes that define it. The paper uses governmentality analysis to uncover these technologies of control and to consider their part in the constitution of both industry and globalisation. (Contains 2 figures, 2 tables and 5 notes.)