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 fishing in Newfoundland Cod fishing in Newfoundland Cod fishing in Newfoundland was carried out at a subsistence level for centuries, but large scale fishing began shortly after the European discovery of the North American continent in 1492, with the waters being found to be preternaturally plentiful, and ended after intense overfishing with the collapse of the fisheries in 1992. The Beothuk (called Skraelings by the Vikings) were the native people of Newfoundland, and survived on a diet of caribou, marine mammals and fish. With the arrival of British and French coastal settlements, the Beothuk were forced inland, and the lack of their normal