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 North Sea the 19th century large quantities of herring were produced in Scotland. Today mainly mackerel, Atlantic cod, whiting, coalfish, European plaice, and sole are caught. In addition, common shrimp, lobster, and crab, along with a variety of shellfish are harvested. In recent decades, overfishing has left many fisheries unproductive, disturbing the marine food chain dynamics and costing jobs in the fishing industry. Herring, cod and plaice fisheries may soon face the same plight as mackerel fishing which ceased in the 1970s due to overfishing. Since the 1960s, various regulations have attempted to protect the stocks of fish such as limited fishing