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Modern monetary theory: Why real estate is fundamental to economic growth
Individuals and businesses across the world continue to look to government for economic support through the turmoil created by the COVID-19 pandemic. Without the flow of money into the economy we would be in a far worse state than we are now. The only reason that this is possible has been because governments and central banks have been able, in many major economies, to print increasing amounts of money. They have recognised that the way government debt and corporate debt or individual debt operate are quite different. In essence, there is no such thing as government debt (in a country that controls its own supply of currency). Governments do not collect taxes in order to spend, they collect taxes to replenish the coffers once they have spent. This forward-looking approach is called modern monetary theory and the time to embrace this is now.
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Andrew Phipps spent ten years learning from and latterly leading a boutique consultancy undertaking projects that saw him working in over 40 countries across five continents. He also found time to fit in an MBA at Henley Business School before moving to GfK, the global research house, to lead the UK retail business and then developed and filled the role of global director of digital. His move into real estate came at CBRE where he led EMEA research and consulting, primarily for retail, before taking on the role of executive director in research. He is currently employed at Cushman & Wakefield, where he has two roles: Head of Business Development, Research and Marcomms EMEA and Global Futurist.