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We do a similar thing at our University club - bring in some unwanted books and share them in a little library. Not so much a one for one swap as just sharing books around. The comments about "scavengers" are probably all too true, this might only really work in a small community or a club. As for e-books, DRM is going to kill this idea so the best method is probably to work with Project Gutenberg or similar to get out-of-copyright books into public use.
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