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 reading of historical newspaper articles and historical government reports reveals that the whole history of wild Murray cod between the mid–1800s and the mid–1900s was one of citizen agitation, government inaction, and ongoing stock decline. For decade after decade, riverside residents, commercial fishermen, recreational fishermen, local fisheries inspectors, fish retailers, and others agitated in newspapers and other fora about the evidently, continuously declining Murray cod stocks, to be met in turn either with government denials, or conversely, with various ineffective inquiries into Murray cod stocks and fisheries, and various ineffective control measures. For decade after decade, debate about excessive fishing