Non-governmental organisations operate as nodes in networks of ‘managerialism’ – bundles of often Northern, corporate-inspired knowledge and practices that promote ‘good governance’ under neoliberalism. Managerialism is double-sided: it can guard against corruption and help ensure accountability, but it can also be culturally disjunctive, reinforcing North–South power imbalances while diffusing the political potential of NGOs. In this paper we present a framework for studying managerialism's global circulation and discuss a series of empirical findings from a multi-year study of NGOs in the Mexican state of Oaxaca. We conclude by commenting on managerialism's influence on NGOs during the social upheavals of 2006, highlighting its differential and contingent impact on social and political change in Oaxaca.