Commentators are pinning low fertility rates on everything from feminism to smartphones. But they miss one glaring factor: capitalism, an economic system predicated on individual autonomy and naked self-interest whose incentives run counter to child-rearing.

Capitalism seems so inevitable to us that we sometimes fail to notice its explanatory power. In this case, it’s staring us right in the face. The incentive structures of capitalism run counter to those of child-rearing — and as market logics pervade deeper into every aspect of our society, the business of having babies makes increasingly little business sense.