Abstract. The article aims to show the evolution of the American model of capitalism and its opportunities to adapt to new challenges of the 21st century. The author reviews the basic characteristics of this model and its destinction from other market economy models. It is demonstrated that in the USA, the leading role in economic development is played by private sector, and the government occupies much more modest positions. The ideas of independence, self-reliance and individual success definitely prevail both in ideology and in economic practices. It is noted that the American model has underwent several stages in its evolution – from the 17th century until recently, and only the last 50–60 years may be regarded as a liberal period of economic development. The author demonstrates that due to the liberal model the country has reached significant economic and social results, including high economic growth and high living standards. The driving force of the American model is definitely a private sector, which generates about 90% of GDP and most investments into the economy. The liberal model is undoubtedly advantageous for the competitive part of society, for efficient workers. At the same time it is not good for a social state focused on a general welfare. However, in total, the advantages of the American model are quite obvious: commitment to high economic efficiency, development of science and innovations, economic growth and high living standards. The shortcomings of the American model are also quite evident. Among them there are: a problem of social and income inequality, the emergence of new economic challenges, including those connected with pandemics and climate change, which test the American model for its sustainability and effectiveness. Another issue is new emerging markets that are not liberal at all. Especially we can talk about China which became the real rival to the American economy. The modern stage of globalization puts several new problems before the American capitalism, such as the is exacerbation of contradictions between old industrial countries and emerging economies, between strengthened multinational corporations and the governments of the countries they came from. The author makes a conclusion that despite both internal and external challenges the existing potential of the American economic model is still not exhausted. At the same time, it is evident that the question of its adaption to all existing issues is quite real and demands solution.