Yet one industrialized country resists the trend: America. True, the American fertility rate has also fallen in recent decades. But it has surged of late and now stands at population-replacement level, about 2.07 children per woman. That reality has led to projections of vigorous U.S. economic growth in the next half-century. What’s behind the relative fecundity? A good guess is American-style free-market capitalism, which (despite recent economic woes) encourages long-term optimism, taxes less of parents’ income, and affords them easier mobility into and out of the job market than they’d find in more regulated economies.
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