Literary Theory Review: Formalism and New Criticism

Using the following references
• https://www.shmoop.com/formalism/
• https://owl.english.purdue.edu/owl/resource/722/03/
• https://www.shmoop.com/new-criticism/
• http://study.com/academy/lesson/new-criticism-in-literature-definition-examples-quiz.html
Questions to be answered.
1. What is the theory?
2. What is the population it covers?
3. What is the historical basis for the theory’s existence?
4. When is it used?