The Mayflower Compact, signed in 1620 by the Pilgrims aboard the Mayflower, holds significant historical importance as a foundational document for self-governance in the New World. It established a framework for governance based on social contract principles, whereby the signers agreed to work together and make decisions for the welfare of the colony. This compact signaled the beginning of a new form of democratic governance and communal responsibility, influencing future governance structures in America. It set the precedent for self-rule and participatory government, reflecting democratic ideals that would later shape the U.S. Constitution.