Specific theories are distinguished not only by their methods and conclusions, but even by how they define "text." For many, "texts" means "literary (i.e. 'high' art) texts" (see literature). But different principles and methods of literary theory have been applied to non-fiction, pop fiction, film, historical documents, law, advertising, etc. In fact, some theories (e.g. structuralism) treat cultural events like fashion, football, riots, etc. as "texts."
Literary theorists are generally professors of English. There are many popular schools of literary theory, which take different approaches to understanding texts (which can also mean non-fiction, film, and and practically anything else that can be 'read' or interpreted). Most actual theorists combine methods of more than one approach. Schools that have been historically important include formalism (sometimes called 'new critical formalism' or 'the new criticism'), structuralism, post-structuralism, marxism, feminism, historicism, new historicism, deconstruction, reader-response criticism, and psychoanalytic criticism.
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Another crucial distinction among the various schools is the amount of weight given to the author's own opinions about and intentions for a work. For historicism (and, in general, for most pre-20th century approaches) the author's intentions are the guiding factor and an important determiner of the 'correct' interpretation of texts. The New Criticism was the first school to disavow the role of the author in interpreting texts, preferring to focus on "the text itself". In fact, as much contention as there is between formalism and later schools, they share the tenet that the author's interpretation of a work is no more inherently meaningful than any other.
In many contexts, the terms 'literary criticism' and 'literary theory' are interchangeable. Both concern determining meaning in literary texts.
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