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Tim Gowers (and several other mathematicians) called to boycott academic publishers with The Cost of Knowledge (http://thecostofknowledge.com/), giving largely similar reasons. It had some success if I recall correctly.

Along similar lines, mathematicians (including Timothy Gowers and Terry Tao) created two free-access journals, the Forum of Mathematics Sigma [1] and Pi [2] that seek to provide a reputable and free alternative to some of the top-tier journals that are being boycotted. It's a bit akin to the PLoS journals --- free and reputable.

Hopefully some reputable open journals will distinguish themselves from the predatory journals that take advantage of unsuspecting junior researchers (or worse, that take advantage of unsuspecting people who don't know better).

[1]: http://journals.cambridge.org/action/displayJournal?jid=FMs [2]: http://journals.cambridge.org/action/displayJournal?jid=FMP

Seems that a library boycott might be more effective.

Announce a policy: "We will be reducing our purchase of proprietary journals by 10% per year over the next decade. We will be shifting holdings to journals published under free and open terms."

If that message comes from enough premier libraries, the market will shift.

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