There has been much recent scholarship on the nature of neo-liberalism. What follows develops these connections by examining early neo-liberal and management thought. The article explores the foundations of neo-liberal and management theory to argue they share fundamental features – namely active intervention, prioritising competition and the necessity of elite leadership. The purpose of all three is to reshape subjectivity and social relations. This exploration argues both projects share similar origins and that the objective of neo-liberalism, wherein subjectivity and social relations are changed along competitive lines, lies at the heart of the management programme.