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

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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.