(BERLIN) — Pearson PLC has confirmed that it will merge its Penguin Books division with Random House, which is owned by German media company Bertelsmann, in a deal that will create the world’s largest trade publisher. Pearson says Monday that Bertelsmann would own a controlling 53 percent share of the joint venture, which will be known as Penguin Random House. Bertelsmann would keep full control of its trade publishing business in Germany and Pearson would retain rights to use the Penguin brand in education.
Andrew Wylie, the literary agent whose exclusive deal with Amazon.com last week stunned the publishing world, has threatened a broad expansion of his digital publishing business to include up to 2,000 titles if traditional publishers refuse to improve digital royalties.
|Peter Boettke|Karl Marx once wrote about the impact of the advent of capitalism on feudalism that "All that was solid melts into the air". The constant innovations in production, the uncertainty inherent in enterprise, and the changing of social relations tear apart the static conditions of traditional society. It is important to realize that Marx saw this as not all bad, the dynamic change of capitalism brought material gains unimagined by previous generations.
From pages 33-36 of Ernest Campbell Mossner and Ian Simpson Ross, eds., The Correspondence of Adam Smith 2nd ed. (Oxford: Clarendon Press, 1987):
From DAVID HUME
Lisle Street, Leicester Fields
April 12, 1759