Daniel Peterson wrote:
Peer review is an editorial process.
The peer review system refers, however, to a network of journals that have certain traits that go beyond the mere presence of review by peers. If Gad and I publish The Proceedings of Gad and EA, agree to copyedit something Scratch wrote, then publish it, it is true that Scratch received a form of peer review. To say Scratch has published a peer reviewed article is misleading, and to say that our journal is in the peer reviewed system is an outright equivocation. In any normal context, that would refer to something more unique.
Whether or not the journal or book in question has an "impact" on the wider field -- how much "impact" constitutes sufficient "impact," anyway? -- is a question about readership, not about editorial process.
I'm not sure why you choose to use scarequotes around the term impact. It's an accepted metric for measuring the worth of publications. Readership affects impact, but there isn't a one to one correspondence here. Impact has more to do with the breadth and depth of value other scholars place on the papers contained in the journal. Obviously, there is a correlation there, but it is a distinct concept from circulation. Impact isn't a perfect measure, and there are great journals with low impact that exist for highly specialized subfields, but even those are easily distinguished from publications who lack any sort of real integration into the scholarly community. The Creation Research Society Quarterly is easily distinguished from peer review in the relevant sense here despite having a peer review process of sorts. This is a question that comes up in court cases over scientific expertise from time to time, and this distinction is necessarily and properly made.
A new journal, with as yet no "impact" whatever, can still be launched with an entirely suitable system of peer review in place.
It can. And when that journal shows that it has been appropriately integrated into the community of scholarship, we'll say it is part of the peer review system.