Fortieth Anniversary Contribution Journals and the Production of Knowledge: A Publishing Perspective

Stand-alone paper copies of journals have occupied academic library shelves largely unchanged for hundreds of years. Despite the prevalence of perverse incentives and market imperfections acknowledged in the business model for journals, the industry was characterized by durable relationships and institutions. Digitization and the internet revolution have transformed the landscape, giving rise to new institutional models and possibilities to challenge existing market inefficiencies in competition and distribution. However, digital information goods themselves guarantee neither appropriate incentives nor social efficiency. This article considers the collision of the new digital economy with an established, imperfect market for journals. It looks at some key changes that are now irreversible and their consequences for publishing in political science.