The Paris Peace Conference reshaped Europe after World War I, with the Treaty of Versailles imposing harsh penalties on Germany. The Big Four - Wilson, Lloyd George, Clemenceau, and Orlando - redrew borders, created new nations, and established the League of Nations to maintain peace. The interwar era saw economic turmoil, the rise of fascism and communism, and social changes like women's suffrage. Despite hopes for lasting peace, the treaty's shortcomings and growing nationalism laid the groundwork for future conflicts, ultimately leading to World War II.