New Historicism and Cultural Materialism emerged in the 1980s as approaches to literary analysis that emphasize historical and cultural context. These theories view texts as products of their time, shaped by power dynamics and ideological forces, rejecting the idea of universal meaning. Key figures like Stephen Greenblatt and Raymond Williams developed these approaches, combining close reading with historical analysis. They explore how texts reflect and shape cultural values, challenging traditional literary criticism by focusing on the relationship between literature, power, and social change.