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 in the Falkland Islands its scientific strength and environmentally enduring. As of 2014, the Falkland Islands do not have a national fishing license; however, there are daily catch limits per person per day: on the Murrell River, the daily limit is three trout, while everywhere else, it is six trout. Squid fishing has accounted for about 75% of the total yield of 200,000 tonnes, which is exported to Europe and the Far East. The other 25% includes finfish species such as Rock Cod, Hake, Hoki and Toothfish. Brown trout fishing is common, and fish caught can be particularly sizable; the record for the largest