Oddly enough, man has never felt sure of himself in the nude. This in itself has made an end of the struggling cult of nudism. Men and women will never trust themselves to the opinions of their fellows, based on their unadorned bodies. People do not dress for modesty. Modesty, like many other excuses in our moral codes, serves a better reason.
Human beings wear clothes to shield their nakedness, to keep them warm, and to adorn themselves. But a woman can hide her nakedness in fifty cents’ worth of cotton cloth. She can keep herself warm in six dollars’ worth of wool. Nevertheless she spends fifty dollars for her coat and five thousand if she can afford it. This will serve as a measure of the relative importance of these three influences in feminine attire. People dress to conceal the defects of the body, to neutralize the onset of age, to hide the effects of gluttony and sloth.
Source: Men of wealth: the story of twelve significant fortunes from the renaissance to the present day by John Thomas Flynn (Ludwig von Mises Institute, 1941)