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While I agree that editors are, and probably always will be, needed. I don't necessarily agree with the implication (or maybe it's just my inference) that the original publisher is somehow owed something for those contributions beyond the terms of the contract.
I've been through rewrites. The editor suggests changes, the author makes them, or not, or makes some variation on them. Yes, it's an important step in the process, and yes, it sometimes turns good work into excellent work--but it's still the author's work.
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