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 a 70% drop over the last 30 years, and if this trend continued, the world’s cod stocks would disappear in 15 years. Åsmund Bjordal, director of the Norwegian Institute of Marine Research disputed the WWF's claim, noting the healthy Barents Sea cod population. Cod (known in Norway as skrei) is among Norway's most important fishery exports and the Barents Sea is Norway's most important cod fishery. In 2015, the Norwegian Seafood Council invited Crown Prince Haakon to take part in opening the year’s cod fishing season on the island of Senja. In 2003, under the new legislative framework of the