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 the Sacred Cod of Massachusetts, in its chambers. Apart from the long history, cod differ from most fish because the fishing grounds are far from population centers. The large cod fisheries along the coast of North Norway (and in particular close to the Lofoten islands) have been developed almost uniquely for export, depending on sea transport of stockfish over large distances. Since the introduction of salt, dried and salted cod (clipfish or 'klippfisk' in Norwegian) has also been exported. By the end of the 14th century, the Hanseatic League dominated trade operations and sea transport, with Bergen as the most