The Guardian had an interesting article on the subject. In it we read that
mainstream publishers have a ready excuse for ignoring literature from around the world. "The idiotic notion is that there's enough being written in English, […] so you don't have to bother." English is so generally spoken that it's possible to read very widely and not notice that you're only reading books written in one language.
The Guardian notes that writers are beginning to realize that in order to enter into the English language world of books they must create in the English language:
Creative writing schools in the UK and America are now seeing writers already published in their own languages enrolling for writing courses in English, a solution to the problems of getting translated.
there's even a danger that the dominance of English-language publishing is putting other languages and literary cultures at risk.
I don't see it in quite as dark colors. I recall this quote I read somewhere in my youth: "The boundaries of our language are the boundaries of our world." Books in other languages will continue to be printed, though perhaps not translated. In my view the real losers are / will be all mono-language speaking readers who are / will be deprived of glimpses into other cultures via books written in languages other than their own.