This article draws from Nel Noddings' ethics of care as a basis for analysing the political effects of the burgeoning Social Investment approach to governance in Aotearoa New Zealand. To assess the effects of the Social Investment paradigm of governance in relation to early childhood care and education, this article commences with an historical analysis of the relationships between the concepts of 'care' and 'education' through the history of Aotearoa New Zealand in relation to early childhood education and care. Following this, the burgeoning Social Investment paradigm will be charted. Then, the major principles of Noddings' ethics of care are outlined and utilised to scrutinise current and potential effects the Social Investment paradigm will have on early childhood education and care and the discourses of 'care' and 'education'. Foucauldian theories augment Noddings' theories to highlight the bio-politics of care.