The accumulation and centralization of fiscal and selection power into the hands of library professionals could have benefited all, but inherent flaws were bound to arise. In particular the failure to adapt to increased large profit-driven publishers business. Libraries and universities failed to adequately foresee the extent of publishing monopolization. The academic library, as provider of campus-wide journal subscription, reduced demand by reducing the need to maintain individual departmental and faculty subscriptions. The end result was that a small number of publishers were able to fix pricing according to desired profit margins.
Roger Cross. "Ripe for the Plucking: Centralized and Consolidated Library Budgets as Revenue Streams for Profit.." (Aug 2011). http://opensiuc.lib.siu.edu/morris_articles/46