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The article examines the reconciliation mechanism of protectionist and liberalization components in the economic policy of the United States and China. Under tightening economic competition, the U.S. and China are implementing a set of measures to support national economies, aimed both at protecting the industries which are crucial for the development of the states, and at ensuring markets for the goods produced in the country. These observations have led to the hypothesis that the set of protectionist and liberalization tools in the economic policy of countries is combined and varied to ensure economic security and international competitiveness of national economies. Based on the analysis of indicators measuring the openness of the US and PRC economies as well as a number of examples of government intervention in the economy, the authors detect the trend towards the strengthening of protectionism in the economic policy of the states since 2008. Taking into consideration the research on the participation of both countries in globalization and integration projects, the authors determine the protectionist instruments implemented by China and the USA to improve the economic growth and competitive advantage of their economies. In particular, government subsidies, fiscal tools, administrative barriers, as well as tariff measures affecting the foreign trade of the countries under study have been identified. On the basis of the comparative analysis of certain indicators measuring the manifestation of protectionist and liberalization components in the economic policy of the United States and China, the authors highlight common and different trends in combining protectionism and free trade. The synthesis of findings has led to the conclusion about the complementarity and interdependence of the tools used in the economic policy of the states aimed at increasing the competitive advantages of national economies.

The relevance is determined by the presence of discussions among economists and political scientists about the state regulation role, especially during crises when governments are expected to provide an economic miracle solution or new measures that are not thought about during periods of growth. The subject of the study is government expenditures, which should be fairly distributed by governments in crisis times with a clear vision and understanding of public goals, for the achievement of which it is necessary to undertake economic changes. Therefore, the purpose of the study is to generalize the results of the discussion about the possibility of changing the economic "mainstream" to the "modern monetary theory" (MMT) and its prospects in public finance management. The research methods include systematic, critical, comparative and cross-country analysis and verification of the realism of the MMT's proposals. The results of the study made it possible to analyze the economic solutions of the new theory based on the political subtext of the theory itself: is it possible to entrust governments with an unlimited budget filled with the issue of national currency; has there been a need to update public goals; what are the prospects for full employment with government funding of jobs; is it possible for society to subject taxes to increase or is there enough transparency and collection; is inflation dangerous in the current situation and in the future; is the MMT really an economic recipe for politicians focused on achieving public goals, including ecology and inequality. It is concluded that all-round criticism and all-round approval are equally unacceptable in relation to the new theory from the standpoint of practical state regulation. Some elements of the MMT have already been implemented in various countries, both successfully and with negative consequences. Therefore, when considering the MMT in unity with public goals, the criterion of choice should not be the quality of economic decisions, not their elegance ...