Formalism is a literary theory that focuses on analyzing the intrinsic elements of a literary work, including its form and style. It posits that the meaning of a text can be understood through a close reading of the work itself, without consideration of external contexts like historical background or authorial intent. Key aspects of a formalist approach include examining the rhetorical and logical connections within the text, poetic devices, imagery, relationship between form and content, and how different parts contribute to the overall aesthetic quality and unity of the work.