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While I pretty much view Google as a James Bond-ish Supervillain, in this case, basically it means the world is losing access to a lot of information.
Copyright was meant to enrich the world by giving authors an incentive to write in the first place, being able to profit from their labors.
Not shackle the works forever, which benefits not the original authors in most cases, but whoever bought the rights from the heirs (often rather shadily, too).
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