Inflation has risen sharply around the world. It recently reached a forty-year high in the US, bringing to an end a decades-long run of mostly stable prices. While the recovery is fragile in many countries, and faltering in some, the risk that inflation could become persistent has increased, which is why many central banks are now in tightening mode. However, if we are not careful, tighter monetary policy will choke off investment, just when a surge in investment is exactly what the global economy needs. In fact, raising the rate of investment could make it easier for central banks to control inflation both now and in future. More investment is also essential to address long-term structural challenges. It is therefore imperative that every effort is made to encourage investment, alongside controlling inflation. This paper explains why and what practical steps can be taken to raise the rate of investment in productive assets. Shifting away from rules-based regulation and transactional capital, towards goals-based regulation and engaged capital, is vital. The urgency of this task means the time for policymakers and investors to act is now.