Final answer:
The term coined by Robert Merton that is based on the W. I. Thomas theorem is 'self-fulfilling prophecy', which shows how belief can create its own reality, such as causing a bank failure due to unfounded fears.
Step-by-step explanation:
The term coined by Robert Merton, which is based on the W. I. Thomas theorem that "if men define situations as real, they are real in their consequences," is "self-fulfilling prophecy." This sociological concept explains how a false belief can influence people's behavior to the extent that the belief becomes true. For instance, if people believe that a bank is failing, they may withdraw all their money, which could cause the bank to fail, thus turning the false belief into a reality.This phenomenon can be seen in various aspects of social life, where people's subjective perceptions of reality shape their actions and, as a result, can influence the objective reality. An example is personal labeling, such as calling a teenager an "overachiever" or a "bum," which might lead them to behave accordingly, even if the label was initially inaccurate. The Thomas theorem and the concept of self-fulfilling prophecy illustrate the powerful role that beliefs and definitions have in shaping social reality.