Sociologists examine financial collapses such as those of the 1930s. These often occurred because rumors of insolvency, when believed by enough depositors, resulted in real bank failures. What sociological concept describes this phenomenon?

Question

Social Studies

Marilyn Kline

23 October, 08:33

Sociologists examine financial collapses such as those of the 1930s. These often occurred because rumors of insolvency, when believed by enough depositors, resulted in real bank failures. What sociological concept describes this phenomenon?

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Answers (1)

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Alison Holland · Answer 1

the Thomas theorem

Explanation:

Thomas theorem: In sociology, the term "Thomas theorem" was proposed by Dorothy Swaine Thomas and William Isaac Thomas during 1928.

The Thomas theorem is described as a condition that states if an individual perceives a specific situation as "real" then it would be considered as real in its result or consequences as well. In short, a person's behavior doesn't only depend on the "objective reality" of a particular situation rather it depends on the person's "subjective interpretation" related to its reality.

In the question above, the given statement signifies the "Thomas theorem".