Laura Mandell's Theory of Literary Art in a Nutshell:
The novel "genre" and what we know about all began in the 18th century. The short story came into existence in the romantic era (1800). Genre fiction means that it is formulaic. "Genre" simply means "kind."
Canon of Great Literature: Consisting of Pope, Swift, [...] Shelly, Keats, Dickens, Wilde, etc. (the "great" writers) has been blown apart in our century. Politics have gone too far, it has torn-up the "great works," but that doesn't mean that there isn't great art anymore. Greatness is far too narrowly defined.
What art is great and why? All of us are artists.
Consider everything you read "Great Art"
"In every work of genius we recognize our own rejected thoughts; they come back to us with a certain alienated majesty" --Ralph Waldo Emerson