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 Department of Fisheries and Oceans (DFO) banned fishing for northern (that is, cod to the north and east of the island of Newfoundland, in Northwest Atlantic Fisheries Organization areas JKL) cod in 1992, which caused great economic hardship in Newfoundland and Labrador. The collapse was blamed on cold water, or seals, and it had even been suggested the cod were really still there; only rarely was overfishing acknowledged, or management's role in that. The DFO partly lifted its ban in 1997, although the International Council for the Exploration of the Sea noted the poor recovery of Canadian cod stocks. In