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
Fishing industry in Denmark Stocks of eel has declined since 1970. Method of fishing in this type of fishing practice involves use of stationary or dredging gear, gillnets and pound nets, traps and hooks while for catching mussels special dredgers are adopted. In demersal fishery, the species fishes caught are white fish (cod, hake, haddock, whiting, saithe), flatfish (sole, plaice, flounder and so forth), lobster and deep water prawns. One feature which needs consolidation is the uniting of small fishing operators of Denmark into one viable major sector, as at present the Norwegians have held this position. As the Danish industrial and cod fisheries