I think books, in general, cost far too much, and that ebooks should cost considerably less than paper copies due to savings in materials and shipping.
That being said, Macmillan should be able to sell their books to Amazon (and others) for whatever price they set. What Amazon and other companies choose to sell them for is up to them.
If Amazon says, "we will only pay this much" and Macmillan says it's not enough, then Macmillan doesn't need to sell to Amazon.
As consumers, as Bremen Cole said, we have the power to just not buy their products. And, of course, some will choose to find them elsewhere...just like with movies, music, games, programs, etc.
When it took 6 months to copy out a book and your distribution was limited to 0.01% of the population, I could understand high prices. Those decreased as printing came into play, and as distribution to larger markets became possible. As distribution to, well, the entire world is now possible while all associated costs have decreased (materials as well) dramatically, prices should be continuing to fall, not increase.
The publishers (and distributors) can keep there head in the sand about these things, but like it or not, legal or not, the market and the means of getting media has changed and won't be going back.
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