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 in the North Atlantic, and clipfish is widely eaten and appreciated in Portugal. The Basques also played an important role in the cod trade and are claimed to have found the Canadian fishing banks before Columbus' discovery of America. The North American east coast developed in part due to the vast amount of cod, and many cities in the New England area spawned near cod fishing grounds. New England profited greatly from the golden trade route between England, Africa, the West Indies, and New England in the 17th and 18th centuries. New England cod went to England and then to