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
Harold Innis and the cod fishery World from Spain." Innis shows how the cod fishery was interwoven economically with the slave trade and international markets for such other products as sugar, tobacco and rum. He argues that rivalry between the British and the colonists in New England led to the American Revolution. While his study of the fur trade focused on the continental interior with its interlocking rivers and lakes, "The Cod Fisheries" looks outward at global trade and empire showing the far-reaching effects of one staple product, both on imperial centres and on marginal colonies such as Newfoundland, Nova Scotia and New England. Biographer, John