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You can do that de facto in smallish areas through "journal revolts", which have happened a few times, where the senior people of the field all band together to endorse/run a new open-access journal, and basically say, "as far as we're concerned, this is now the top place to publish". For example, when nearly all the senior editors of the journal Machine Learning resigned to form the open-access Journal of Machine Learning Research (http://www.sigir.org/forum/F2001/sigirFall01Letters.html), that also sent a pretty direct signal that JMLR was the new place to publish, at least in these senior researchers' opinion.

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