diff --git a/lib/matplotlib/mpl-data/matplotlibrc b/lib/matplotlib/mpl-data/matplotlibrc
index 283636e26be0..f220cbeba686 100644
--- a/lib/matplotlib/mpl-data/matplotlibrc
+++ b/lib/matplotlib/mpl-data/matplotlibrc
@@ -301,6 +301,8 @@
                          # Values  other than 0 or 6 have no defined meaning.
 #text.antialiased: True  # If True (default), the text will be antialiased.
                          # This only affects raster outputs.
+#text.parse_math: True  # Use mathtext if there is an even number of unescaped
+                        # dollar signs.
 
 
 ## ***************************************************************************
diff --git a/lib/matplotlib/rcsetup.py b/lib/matplotlib/rcsetup.py
index 37015bc0d76a..78141c5445be 100644
--- a/lib/matplotlib/rcsetup.py
+++ b/lib/matplotlib/rcsetup.py
@@ -932,6 +932,7 @@ def _convert_validator_spec(key, conv):
     "text.hinting_factor": validate_int,
     "text.kerning_factor": validate_int,
     "text.antialiased":    validate_bool,
+    "text.parse_math":     validate_bool,
 
     "mathtext.cal":            validate_font_properties,
     "mathtext.rm":             validate_font_properties,
diff --git a/lib/matplotlib/tests/test_text.py b/lib/matplotlib/tests/test_text.py
index 0b703adadc25..6e70901ba9a4 100644
--- a/lib/matplotlib/tests/test_text.py
+++ b/lib/matplotlib/tests/test_text.py
@@ -755,6 +755,20 @@ def test_parse_math():
         fig.canvas.draw()
 
 
+def test_parse_math_rcparams():
+    # Default is True
+    fig, ax = plt.subplots()
+    ax.text(0, 0, r"$ \wrong{math} $")
+    with pytest.raises(ValueError, match='Unknown symbol'):
+        fig.canvas.draw()
+
+    # Setting rcParams to False
+    with mpl.rc_context({'text.parse_math': False}):
+        fig, ax = plt.subplots()
+        ax.text(0, 0, r"$ \wrong{math} $")
+        fig.canvas.draw()
+
+
 @image_comparison(['text_pdf_font42_kerning.pdf'], style='mpl20')
 def test_pdf_font42_kerning():
     plt.rcParams['pdf.fonttype'] = 42
diff --git a/lib/matplotlib/text.py b/lib/matplotlib/text.py
index a98b534d2ef6..1e675290574c 100644
--- a/lib/matplotlib/text.py
+++ b/lib/matplotlib/text.py
@@ -142,7 +142,7 @@ def __init__(self,
                  wrap=False,
                  transform_rotates_text=False,
                  *,
-                 parse_math=True,
+                 parse_math=None,    # defaults to rcParams['text.parse_math']
                  **kwargs
                  ):
         """
@@ -163,7 +163,8 @@ def __init__(self,
             color if color is not None else mpl.rcParams["text.color"])
         self.set_fontproperties(fontproperties)
         self.set_usetex(usetex)
-        self.set_parse_math(parse_math)
+        self.set_parse_math(parse_math if parse_math is not None else
+                            mpl.rcParams['text.parse_math'])
         self.set_wrap(wrap)
         self.set_verticalalignment(verticalalignment)
         self.set_horizontalalignment(horizontalalignment)