It is a micro theory. It believes that all actions are meaningful to individuals. Just because an action happens in the same place doesn't mean that everyone will have the same meaning/opinion on it. For example we could all go to the cinema and watch the same film but come out and have different opinions on it.
Labelling - when we think of someone in terms of a few characteristics that we have decided are important and use these to label them
Master Status - a label that has become the most important thing about an individual
Negotiation - not accepting the way that people have labelled you are trying to change it
Self-Concept - how you see yourself is how others see you. Act how you want to be seen or labelled as.
Self-Fulfilling Prophecy: when someone tries to live up to the label that has been given to them and change their attitude for it
Positives:
It allows people to change their labels and how society sees them
It also shows how people change how they treat them differently depending on their label
It focuses on individuals not groups
Shows how labelling is happening
Still relevant today
Negatives:
Some people just accept a label that has been given to them and do nothing to change it - self-fulfilling prophecy
If some people want to negotiate their label it can be very hard to change it and they might not even be able to change it
Ignores the big structures of society
Just because you have been labelled doesn't mean that you are going to change your behaviour to fit that label