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
Murray cod pressure, number of fishermen, number of nets, net mesh size, bag limits, minimum size limits and take of small cod, closed seasons and the taking of spawning cod full of eggs during spring, and other sundry issues, raged on and on without proper resolution, with fishing regulations either not amended, or amended and largely unenforced and completely ignored, and with heavy commercial, recreational and illegal fishing pressure continuing unrelenting and unabated. The end result was a Murray cod population, initially unimaginably abundant, continually fished down and down and down without pause, until in the early to mid 20th century a