Publishing is a word that, like the book, is almost but not quite a proxy for the “business of literature.” Current accounts of publishing have the industry about as imperiled as the book, and the presumption is that if we lose publishing, we lose good books. Yet what we have right now is a system that produces great literature in spite of itself. We have come to believe that the taste-making, genius-discerning editorial activity attached to the selection, packaging, printing, and distribution of books to retailers is central to the value of literature. We believe it protects us from the shameful indulgence of too many books by insisting on a rigorous, abstemious diet. Critiques of publishing often focus on its corporate or capitalist nature, arguing that the profit motive retards decisions that would otherwise be based on pure literary merit. But capitalism per se and the market forces that both animate and pre-suppose it aren’t the problem. They are, in fact, what brought literature and the author into being.