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Scientific publishing has long been a licence to print money. Scientists need journals in which to publish their research, so they will supply the articles without monetary reward. Other scientists perform the specialised work of peer review also for free, because it is a central element in the acquisition of status and the production of scientific knowledge.
With the content of papers secured for free, the publisher needs only find a market for its journal. Until this century, university libraries were not very price sensitive. Scientific publishers routinely report profit margins approaching 40% on their operations, at a time when the rest of the publishing industry is in an existential crisis.
The Dutch giant Elsevier, which claims to publish 25% of the scientific papers produced in the world, made profits of more than £900m last year, while UK universities alone spent more than £210m in 2016 to enable researchers to access their own publicly funded research; both figures seem to rise unstoppably despite increasingly desperate efforts to change them.
