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For now. I mean, I work for a UP and a lot of the presses are financially stressed. Universities have been cutting subsidies for years and sales are fairly weak right now. There's a lot of pressure to publish more trade-like titles for a more general readership, and less of the specialized academic stuff. As far as 'keeping American literature alive' goes, I think smaller commercial presses like NYRB are doing just as much as we are.
I really like the NYRB Classics series, but do they publish new work? Most of what I see on it is 50 years old or older.
Oh? The first fairly recent novel I can lay hands on is The Emperor's Children by Claire Messud, which was published by Random House. I do have a lot of books published by university presses, by no means all of them dealing with purely American topics.