Cod Wars and institutions are supposed to pacify interstate behavior. The Cod Wars are also held up as an example of the decreasing salience of hard power in international relations, with implications for realist theory which emphasizes the importance of hard power. Theorists on asymmetric bargaining have emphasized how Iceland, lacking structural power, can still have an issue power advantage, with its greater commitment to the cause. A 2017 study argues that the occurrence of the Cod Wars is inconsistent with liberal international relations theory, including the democratic peace thesis, as the "supposedly pacifying factors of the liberal peace – democracy, trade
Cod fisheries eastern coast. The interplay between fishing societies and the resources on which they depend is palpable to even the most unacquainted observer: fisheries transform the ecosystem, which in turn pushes the fishery and society to adapt. In the summer of 1992, when the Northern Cod biomass fell to one percent of its earlier level, it became apparent to Canada's federal government that this relationship had been pushed to the breaking point and a moratorium was declared, ending the region's half-millennium run with the Northern Cod. The collapse of the Northern Cod fishery marked a profound change in the ecological, economic