Public School Textbook Publisher Goes Bankrupt
Tea Party Economist
by Gary North: Memory
Hole: Socialist Failures
One of the
largest textbook publishers has declared bankruptcy. It sticks lenders
with over $3 billion of bad debt. It wipes out shareholders.
The Left long
ago bet the farm on its control over the public schools. Now the
schools are slowly losing money. They are cutting back on everything
could not survive the change. It is the first major textbook publishing
to go belly-up. Others will follow.
funds were dumb enough to buy the shares of this obvious dinosaur.
Rich fund managers still dont get it. The Internet has doomed
traditional textbook publishers.
can put together textbooks for their students by using scholarly
journals or other online documents. They dont need third-party
They can write
their own e-textbooks and get 70%
of the sale price as a royalty. Who needs committees to screen
these textbooks? The teacher is in charge.
Would you rather
assign a $150 textbook and get nothing, or assign your own and get
70% of $10 times 30 or 60 every semester? Would you rather have
students read your ideas or a committees ideas?
You can assign
the textbook of some author whose ideas you agree with.
If a college
department is in charge, members of the department can each write
What does a
traditional textbook publisher bring to the table? Not much.
why they are all doomed. Its about time.
Reading on www.reuters.com
North [send him mail]
is the author of Mises
on Money. Visit http://www.garynorth.com.
He is also the author of a free 20-volume series, An
Economic Commentary on the Bible.
2012 Gary North
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