Public value management and new public governance as modern approaches to the development of public administration

The article studies Public Value Management and New Public Governance - two new approaches to the management process in the public sphere. It is established that they arose in response to modern challenges of the global world. Applying dialectical, theoretical and empirical methods of scientific research, in particular the method of analogy, classification, generalization, we identified the main factors that influenced the emergence of new approaches to management and policy making, and described each approach. The analogy of the traditional model of management and governance with the newest one is drawn. It is determined that according to the traditional model of public administration and governance, only the state has a monopoly on decision-making and centrally forms public policy. In turn, the modern approach involves networking, involvement of partners and interaction of all parties at each stage of policy making and decision-making. It is determined that scholars still continue to discuss new approaches, namely their effectiveness, and argue that their application is controversial. Some scholars point out that new approaches are a necessity in current conditions of social development, others - that these approaches are doomed to failure. Based on the analysis of foreign scientific literature, the author revealed the content and essence of the approaches of Public Value Management and New Public Governance in the development of public administration are, as well as formulated the definition of the concept of Public Value Management. It is determined that the mentioned approaches are current and promising. The importance of further study of the best world, in particular European experience in the field of public administration in terms of modern approaches to this process is substantiated.