--It was not until the late 20th century that external refereeing came to be seen as an essential feature of a respectable scientific journal. While historians are still trying to work out the reasons for this change, the new emphasis on peer review (a term that itself originated after the Second World War) seems to have been partly a response to the increased public scrutiny that came with massive Cold War financial investments in science. --
http://time.com/81388/is-the-peer-review-process-for-scientific-papers-broken/
THE RELIGION OF PEER REVIEW
--- Despite a lack of evidence that peer review works, most scientists (by nature a skeptical lot) appear to believe in peer review. It's something that's held "absolutely sacred" in a field where people rarely accept anything with "blind faith," says Richard Smith, former editor of the BMJ and now CEO of UnitedHealth Europe and board member of PLoS. "It's very unscientific, really."
Indeed, an abundance of data from a range of journals suggests peer review does little to improve papers. In one 1998 experiment designed to test what peer review uncovers, researchers intentionally introduced eight errors into a research paper. More than 200 reviewers identified
an average of only two errors. That same year, a paper in the Annals of Emergency Medicine
showed that reviewers couldn't spot two-thirds of the major errors in a fake manuscript. In July 2005, an article in JAMA showed that among recent clinical research articles published in major journals, 16% of the reports showing an intervention was effective were contradicted by later findings, suggesting reviewers may have missed major flaws. ---
http://www.the-scientist.com/?articles.view/articleNo/23672/title/Is-Peer-Review-Broken-/
-- The most startling was revealed last October when the work of Bell Laboratories' Jan Hendrick Schon came under scrutiny. Schon published 25 papers over the past 3 years. Of those, 16 have been declared to be false. This finding caused the prestigious journal Science to withdraw eight of his papers. --
http://www.infotoday.com/it/apr03/peek.shtml
Plenty more out there.