This article explores the legacy of three decades of neoliberal reforms on New Zealand's university system. By tracing the different government policies during this period, it seeks to contribute to wider debates about the trajectory of contemporary universities in an age of globalisation. Since Lyotard's influential report on The Postmodern Condition (1994), critics have frequently claimed that commercialisation and managerialism have undermined and supplanted the social mission of the university as governments throughout the developed world have sought to transform the university 'from an ideological arm of the state into a bureaucratically organised and relatively autonomous consumer-oriented corporation' (Readings 1996: 457). Against this I argue that the new model of the entrepreneurial and corporate university has not so much replaced the traditional functions and meaning of the university as added a new layer of complexity to the university's already diverse and multifaceted roles in society. Drawing on an ethnography of one university and personal observations, I explore the effects of that reform process on the culture and character of the university and, more specifically, its impact on academic identities and the everyday practices of academics and students. As in other OECD countries, New Zealand's universities are now required to deliver a bewildering plethora of government priorities and strategic economic and social objectives whilst simultaneously carrying out their traditional roles in teaching, research and scholarship. The challenge for the modern university, as reflected in the case of New Zealand, is how to negotiate these diverse and often contradictory missions.