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 When cooked, cod is moist and flaky. Cod livers are processed to make cod liver oil. Cod are currently at risk from overfishing. In the United Kingdom, Atlantic cod is one of the most common kinds of fish to be found in fish and chips, along with haddock and plaice. It is also well known for being widely consumed in Portugal and the Basque Country, where it is considered a treasure of the nation's cuisine. Cod are highly prolific, producing several million eggs at each spawning. This contributes to their high population numbers, which, in turn, makes commercial fishing relatively