Maybe we need to start with the fact that searchable books is an amazing thing. We've had online articles for years, but to make hundreds of years of millions of books searchable is a feat. When writing my master's thesis several years ago, I was able to find additional important information on a person central to my thesis because I was able to search netLibrary.
Searchable and readable online books might take away a library's final reason to force people to visit us in order to do research. But library as place (ok, and internet access) is now our central reason d'être anyway.
Google is actually trying to broaden our ridiculously narrow interpretations of Fair Use. They are saying orphaned works (in copyright, but not in print) can be scanned and parts be put online without the copyright holders express consent. It is the attempt to settle the issue that has caused the the worst problem with the settlement - the monitizing of these out of print books. It makes every book, maybe even line of every book, open for a possible lawsuit or a claim of copyright infringement.
A concern is that Google has such an advantage in the digital book market, that they will set high prices for libraries and individuals to purchase books or subscription packages. While this may be an issue, competition will grow and libraries have already started their own service: HathiTrust
We needed someone to stand up to the out of control copyright laws we now have in the United States. Lets hope Congress finally starts taking action in the opposite direction. Thank you, Google.
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