But you know what did occur in the 1960s-1970s? The invention and popularization of the birth control pill. Here is the US birth rate [1]. Rising from 1950-1960 then a sudden and precipitous drop in the 1960s until stabilization in the 1970-now range. This coincides with the global drop in fertility rate. How about Germany [2]? Growth from 1950 to late 1960s then a sudden drop until stabilization in the mid 1970s. France [3]? Flat and high until mid-1960s then a sudden drop until stabilization in 1980. UK [4]? Growth from 1950 to mid 1960s then a sudden drop until stabilization mid 1970s. Australia [5]? Growth until 1960 then drop until stabilization in 1980.
Every single developed country in the world is flat to growing and then sees a sudden and rapid decline in birth rate just a few years after mass availability of the birth control pill until stabilization around the time that the pre-birth control cohort ages past reproductive years. The birth control pill is so new that the reproductive cohort that lived prior to its invention is still alive.
My hypothesis is that fertility is just a function of access to cheap, effective contraceptives. The fertility rates we see today are the natural rates when pregnancy is a choice.
[1] https://www.macrotrends.net/global-metrics/countries/usa/uni...
[2] https://www.macrotrends.net/global-metrics/countries/deu/ger...
[3] https://www.macrotrends.net/global-metrics/countries/fra/fra...
[4] https://www.macrotrends.net/global-metrics/countries/gbr/uni...
[5] https://www.macrotrends.net/global-metrics/countries/aus/aus...