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Does SCOAP have enough scope to replace the current journal subscription model?

The Chronicle of Higher Education:
High-energy-physics researchers are attempting a takeover of science publishing in their field by getting national research agencies and university libraries to pledge to support a radical new system called SCOAP that would replace expensive subscriptions to leading journals with membership in a nonprofit group. The new organization would then dole out money to journal publishers, while pushing them to distribute all articles free online and to keep their prices in check. Publishers are worried over whether the scheme is financially sustainable and could eventually damage the peer-review system.

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