In Northwest Wholesale Stationers, Inc. v. Pacific Stationery and Printing Co., the United States Supreme Court determined that a boycott organized by a trade association did not always merit the per se antitrust analysis which had historically been favored for actions that were historically anticompetitive on their face. The case involved a trading cooperative which expelled one of its members. The Supreme Court found that such a cooperative was not bound by its nature to have anti-competitive effects. The Court held that the conclusion that most courts generally drew (when they apply per se analysis) with regard to boycotts and expulsions are not always warranted, and that the rule of reason analysis is the standard which courts should apply.

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