Merchants of Culture

More Than Paper

Western book publishing began in Mainz, Germany, in the 15th century and has been an essential industry ever since, though the public has little understanding of how it functions. Today, the industry is going through a period of transition. Five forces – “economic, human, social, intellectual and symbolic capital” – constantly alter publishing relationships, and each force has its own dynamics. While each force carries weight in book publishing, the most critical ones are economic capital, because it determines a publisher’s competitive capabilities, and symbolic capital, “the accumulated prestige and status associated with the publishing house.”

The publishing industry functions through a service delivery chain starting with authors and including agents, editors, printers, and wholesale and retail distributors. The chain is fluid; the participants interact and provide expertise in their own areas while serving the ultimate goal of producing and selling books – usually in rapidly changing retail environments. During the early 1900s, independent specialty stores (drug stores, newsstands and department stores) sold most books. Macy’s began selling books...