Great article called "The End" in last week's New York Magazine, which chronicles the fall of book publishing as we once knew it. Here's a link to the article, which you should definitely read. Here's a highlight: "In its heyday, publishing was a vast array of mom-and-pop shops, in which the pops tended to be independently wealthy. Their competitive advantage was not efficiency or low costs but taste. Maxwell Perkins at Scribner; Bennett Cerf at Random House; Roger Straus and Robert Giroux at Farrar, Straus and Giroux; Barney Rosset at Grove; and Alfred A. Knopf epitomized the gentleman editor as gallerist, snatching up unknown geniuses. One British publisher advised an American at the time: “Take lots and lots of gambles, but small ones.” So they did. They took poor writers drinking, put them up in their homes, and defended them in court. They made handshake deals, spent their personal wealth in lean years, and built backlists out of modernist classics. Discovering Faulkner was like buying Picassos in 1910."
How bittersweet it is to remember the fine, fine days of the almighty book.