Quoted:
It is a mechanical system used mostly in cheaper sub-machine guns. When you pull the bolt back and cock the gun the bolt stays back. When you pull the trigger the bolt is released, it fly's forward and strips a round from the mag chambers it and discharges it immediately. In full- auto mode the gun does this until it the trigger is released at which point the bolt locks back again (in the open position), or the mag is emptied. In this system the firing pin could be (I guess) fixed in the forward or protruding position. A hammer may or may not be necessary as the bolt also acts as the force to detonate the bullet. The open bolt system is much simpler and has less parts, but when the gun is cocked you have a...well open bolt so dirt and junk can just fall inside the gun. I hope that was not to confusing.
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While the mechanical explanation is quite correct, the statement that it's a system used in "cheaper submachine guns" isn't quite accurate. In fact, it's used in most all submachine guns, with just a couple of exceptions (H&K being one), and in ALL full sized machine guns. If the bolt stayed closed between trigger pulls in an M60 or a Ma Deuce in between trigger pulls you would almost certainly get "cook off" rounds being set off by the extreme heat in a barrel that just had 50 or 60 rounds thru it in 5 or 6 seconds.
Think of it this way. Open bolt for full auto guns; closed bolt for aimed fire from semi autos. There was one WW2 piece, the Johnson Light Machine Gun, M1941 and M1944, used by the Marine Raiders, that in fact would fire closed bolt from semi auto, and open bolt from full auto. The Marines found it a mixed blessing[:D]