> The journal industry already has a vice-like grip on the research institutions. They can keep raising the subscription prices, and, to stay alive, the research institutions have to pay up.

While it's generally true that research institutions aren't generally willing to consider declining to subscribe, they aren't entirely helpless. A couple years ago, in response to huge price increases from the Nature Publishing Group, the University of California system organized a (moderately effective) boycott, where scientists would not submit papers to any NPG journal [1].

[1] http://chronicle.com/article/U-of-California-Tries-Just/6582...