Yes, publishers historically did that. And they printed journals and books, and reprints. But prices were modestly above cost, back in the day. As recently as the 80s. Now, expenses are much lower, and it's all about profiteering.
As I recall, reprints cost on the order of $0.50 each in the early 80s. Based on http://www.usinflationcalculator.com/ that's about $1.20 in present dollars. That's a lot less than $30.
Well, what I don't know is what publishers charged third parties for reprints. Or what license fees were for universities etc. As an author, I paid $0.50 per reprint, and I was allowed to give them away. Anyway, I'm confident that there's been huge price inflation.
