Final answer:
A comprehensive and coordinated government plan to guide and revitalize the Canadian economy can include various strategies, such as the historical National Policy with high tariffs or more modern approaches involving human capital and technological advancements. Examples of such efforts include the United States-Canada Regulatory Cooperation Council (RCC) Joint Action Plan.
Step-by-step explanation:
A comprehensive and coordinated government plan to guide and revitalize the Canadian economy is often undertaken through various measures. One historical example of such an effort is the National Policy implemented by Prime Minister John A. Macdonald in 1878, which aimed to protect Canadian industries through high tariffs on imports. Although this policy succeeded in nurturing domestic businesses, it was criticized for favoring certain regions and for keeping consumer prices high.
Modern approaches to economic revitalization may involve a combination of market-oriented strategies and supportive government policies. These include pursuing a healthy climate for growth in GDP per capita and labor productivity through human capital deepening, physical capital deepening, and technological advancements. The goal of such government intervention is to reduce the impact of business cycles, balance economic disparities, and foster economic growth.
In terms of a contemporary plan, the United States-Canada Regulatory Cooperation Council (RCC) Joint Action Plan developed and implemented cooperative measures which serve as an example of bilateral efforts to advance regulatory alignment and economic growth between the two nations.