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
Murray cod of this fact, are of great concern. Murray cod were originally the most common large native fish in the Murray-Darling basin. Contrary to some fishery department literature, the first serious declines in Murray cod were caused by extremely severe overfishing. In the latter half of the 1800s and the early 1900s, Murray cod — very large, very long-lived fish — were caught in unimaginable numbers by both commercial and recreational fishermen. For example, one commercial fishing operation commenced on the Murray River near Echuca in 1855, targeting Murray cod over hundreds of kilometres of river, and yet within eight years,