The Indicator from Planet Money How American heiresses became Dollar Princesses
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Oct 23, 2024 In the late 19th century, British aristocrats faced a cash crunch, leading them to pursue American heiresses, known as 'Dollar Princesses.' These unions were a fascinating mix of financial necessity and romantic entanglement. As American agriculture led to falling prices in Britain, traditional marriage alliances dwindled. Notably, the significant dowry negotiated by Jenny Jerome and the Duke of Marlborough marked a turning point, heralding a wave of American wealth enriching European nobility. The dynamics of these marriages also hinted at shifting gender roles and evolving social landscapes.
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Downton Abbey Inspiration
- Economist Mark Taylor, while watching Downton Abbey, noticed a scene highlighting the financial role of American heiresses.
- The scene depicts a conversation where the Earl's American wife subtly reminds him that her fortune saved their estate.
Rise of the Dollar Princesses
- Starting in the late 1800s, many American women married British aristocrats, earning them the nickname "Dollar Princesses".
- These marriages were driven by economic factors, benefiting both the women and the financially struggling aristocracy.
American Agriculture's Impact
- British aristocracy, traditionally wealthy landowners, faced financial hardship due to declining crop prices.
- This decline was caused by an influx of cheap American agricultural products, facilitated by advancements like the steel plow and efficient transportation.
