Literary theory

 There are two strains in literary theory.

1. Practical Criticism track by Samual Johnson, Mathew Arnold, T.S. Elliot, F.R. Leavis
sparking the tradition of close reading by implementing a close analysis of the work of particular writers.
England: Cambridge school of critics; I.A. Richards, F.R. Leavis, William Empson. 1920-60s where theory is important in text, responsible from taking focal point from linguistics to the text itself, purely cloze reading of analysing the words on the page with disregard of the history and context of the society.

2. Sidney, Wordsworth, Coleridge, George Eliot and Henry James are more focused on the track of 
"idea led" rather than "text led", tackling bigger issues such as:
BY PETER BARRY; Beginning theory p42:
a) what is literature to affect audience?
b) What is the nature of literary language?
c) How is it structured and defined?
thus more philosophical in nature

But then the first tract would be more valid as an academic subject as it is too vague to study literature in a way that cultivates the taste, educates sympathies and enlarges the mind but doesn't allow examinations on itself. (how do you examine sympathy?)
Thus, the study of language is integrated into the field of literature.

1960s started the theory of literature with more liberal humanistic approach.
tenets: literature is enduring. text contains its own meaning,
no need to contextualise, just focus on the text.
Human nature is unchanging

A very basic way of thinking about literary theory is that these ideas act as different lenses critics use to view and talk about art, literature, and even culture. These different lenses allow critics to consider works of art based on certain assumptions within that school of theory. The different lenses also allow critics to focus on particular aspects of a work they consider important.

For example, if a critic is working with certain Marxist theories, s/he might focus on how the characters in a story interact based on their economic situation. If a critic is working with post-colonial theories, s/he might consider the same story but look at how characters from colonial powers (Britain, France, and even America) treat characters from, say, Africa or the Caribbean. Hopefully, after reading through and working with the resources in this area of the OWL, literary theory will become a little easier to understand and use.

https://owl.purdue.edu/owl/subject_specific_writing/writing_in_literature/literary_theory_and_schools_of_criticism/index.html