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 fishermen from England, France, Spain and Portugal discovered the best places to fish for cod in the waters off Newfoundland, and how best to preserve the fish for the journey home. The French, Spanish and Portuguese fishermen tended to fish on the Grand Banks and other banks out to sea, where fish were always available. They salted their fish on board ship and it was not dried until brought to Europe. The English fishermen, however, concentrated on fishing inshore where the fish were only to be found at certain times of the year, during their migrations. These fishermen used small