The Mayflower Compact, signed in 1620 by the Pilgrims aboard the Mayflower, is significant in early American democracy as it served as one of the first formal agreements for self-governance in the New World. It established a framework for political organization based on majority rule and collective decision-making, which was essential for maintaining order in their new settlement. The Compact laid the groundwork for the development of democratic principles and practices that would influence future governance in America. It emphasized the idea of a social contract, where governmental authority derives from the consent of the governed, a foundational concept in American democracy.