This is another thing I've brought up previously. Even before the current economic crisis business would frequently go to the government looking for subsidies, special tax breaks and other rewards. I would set up a Department of Public Investment that would invest in business and industry rather than simply offer cash to business. The job of this organization would be to build long term, sustainable industries in Canada and to recoup their investments with a profit.
Any business that wanted money from the government would be referred to the DPI who would examine their business plan and see if it was a suitable place to invest Canadians money. Parliament could give them general guidelines for investment (such as investing in green companies) but would have no direct influence over what companies were invested in, which regions of the country those business operated in or how much was invested.
There might, at some point, be another financial crisis like the current one that requires special bailouts. Hopefully though this kind of proactive, long term approach will make future recessions rare and shorter. For a full explanation of how the DPI would work go here.
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