The document discusses formalism as a type of literary criticism that focuses on analyzing the form and structure of works of art. It emphasizes that formalist critics believe every formal element in a work, such as plot, characters, themes, etc., has meaning in how it relates to other elements and contributes to the overall architecture of the work. The summary discusses how formalist analysis can examine different formal elements at different levels, from broader elements like plot down to more granular elements like word choice. It also notes that formalist analysis tends to focus on the representational world created by the work rather than making real-world connections, though these lines can sometimes blur.