Political map of North America & the Caribbean 15 August 1934 (Great Depression): The Great Depression hit the United States hard (Great Depression in the United States), with a nearly 45% drop in industrial production and widespread unemployment peaking at over 20% of the workforce. In Latin America, the US ended its era of interventionism (Banana Wars) with the introduction of the Good Neighbor policy, while in Canada, the signing of the Statute of Westminster (Statute of Westminster 1931) marked the beginning of full independence from Britain.