For anyone wondering: Although most people find the theory to be intuitively sensible, it is hard to test empirically due to its micro-macro links (individuals to society). So far, there are no conclusive studies showing that the phenomenon exists robustly.
Some notable criticisms include the complete omission of interpersonal and group influences and the assumption that people behave privately (e.g. in the voting booth) as if they were judged in a social setting.
So, really fascinating and useful, but nothing to base your system of belief on.