The Karpin report drew considerable attention to the failures of Australian management and to what it saw as deficiencies in the latter's training and education. However; the enthusiasm and bigh expectations the report's release gener ated have not as yet been matched by careful and critical assessment. The main aim of this article is to make a contribution in this regard. We argue that the inquiry was severely. flawed by its adherence to management buzz words and fads (management- speak). As a result, it was characterised by poor methodological procedures and weak data interpretation, and contained some serious intellectual contraductions. Its under standing of the nature of managerial work was deeply flawed, and as a guidepost for management education policy and practice the report leaves much to be desired. But as a window on senior management thinking on the management of managers, and on the management of community values, it is remarkable. The Karpin report advocated nothing less than subordinating community values and the education system to the 'cult of enterprise'. Not only does it overstate the importance of managerial performance to national economic competitiveness, but its recommendations, if enacted, would pose serious challenges to national cultural diversity and educational autonomy.
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