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 Wars passage of Soviet submarines while the Royal Navy was threatened by further serious defence and naval cuts by the Royal Navy's chief "bête noire", the Chancellor of Exchequer and former Minister of Defence, Denis Healey. The Royal Navy saw its strategic aim at the time to be as much as fighting Healey as the Soviet Navy. The Second and Third Cod Wars were necessary wars for the Royal Navy, like the Falklands Operation, six years later. To Crosland, also MP for the trawler port of Grimsby, the third war was a more serious threat to the Western Alliance than the