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They do serve a purpose of vetting book quality and they are the only ones that could afford million dollar advances for authors. But I would prefer to see a lot of smaller specialty publishers whose expertize in their given field would be better and give readers a chance of finding specific publishers whose taste better aligns with their own instead of just a few gigantic publishers who do everything. I would also not mind if the big advances disappeared forever in favor of smaller to no advances but much larger share of the price and 5 yr contracts subject to renewal if both parties wish it. Rip off your author and they'll take their books somewhere else.
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