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Couldn't the "gate keeping" from publishers easily be replaced by other mechanisms (that already exist today)? I think not that many people use publishers in the way HarryT uses Baen. You could use recommendations of your favorite critic for example. Only read books recommended by people with similar tastes to yours, review blogs, goodreads, even amazons reviews and "people who bought this".
To say it in a more abstract way: Why not replace gate keepers with filters?
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