Interesting story from one of my classes, although I'm having trouble sifting through all the propaganda to confirm it online. Apparently engagement rings - the ones with the big rocks - are a relatively recent phenomenon. In the early part of the 20th century, engagements were inititated with nothing more than a promise - one with the force of law, thanks to breach of promise statutes in most states. Since so many people were having sex during their engagements, and since sex tended to degrade a woman's ability to find another mate more than a man's, these laws served to protect women during the engagement period.
The system fell apart when states started striking down the breach of promise statutes in the 1940s and 50s - so to replace the law, engagement rings gained popularity. From an economic standpoint, they create a disincentive to renege on a marriage promise, as well as a form of compensation for the woman's - how to put this? - depreciation, should the man opt out before the ceremony but after the deed. No doubt some economist at the University of Chicago is busy using this information to calculate the market value of a woman's honor...
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