It used to be a huge pain to produce a physical journal—someone had to operate the printing presses, lick the stamps, and mail the copies all over the world. Unsurprisingly, academics didn’t care much about doing those things. When government money started flowing into universities post-World War II and the number of articles exploded, private companies were like, “Hey, why don’t we take these journals off your hands—you keep doing the scientific stuff and we’ll handle all the boring stuff.” And the academics were like “Sounds good, we’re sure this won’t have any unforeseen consequences.”
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