The establishment of the League of Nations in 1920 was significant as it marked the first attempt at a global organization aimed at maintaining peace and preventing conflicts post-World War I. Formed under the Treaty of Versailles, the League aimed to provide a platform for dialogue and diplomacy among nations, promoting collective security and cooperation. Although it ultimately failed to prevent World War II due to its inability to enforce decisions and lack of participation from key powers, it set the groundwork for future international organizations, notably the United Nations, highlighting the importance of multilateralism in addressing global challenges.