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 waters to the West of Scotland where cod has continued to decline. It is broadly accepted that the plan has been a failure and has not delivered its objective of recovering the cod stocks in these areas because of the plan’s over reliance on effort (days-at-sea) that created an indiscriminate ‘race to fish’ which in fact increased fishing mortality on the biomass for cod, on other demersal species and had a destructive impact on the benthic zone of the seabed where it is intensely fished. On the other hand, conservation initiatives undertaken by fishermen working in cooperation with government, such