Here's a highlight:
"For fiction to do what it can do better than non-fiction books — better than reality TV, video games, and comic books, for that matter — it can't give up its attention to psychological detail and subtlety — the pervading receptivity that Wolfe would call navel-gazing. Big stories that excite up the American subject, and writers who bring in the satisfactions of drama through style, that sensitivity to the aesthetic faculties that Flaubert called "an absolute manner of seeing things" — that's what's needed. Narratives, as James said, "on which nothing is lost." Call it full-dress fiction."
Now what do you think of his theory?