Final answer:
New Criticism is indeed another name for Formalist Critical Theory, which is a method of literary analysis that focuses specifically on the text itself, its structure, and its literary devices to interpret meaning.
Step-by-step explanation:
The statement that Formalist Critical Theory was once called New Criticism is true. New Criticism is a focused approach to literary criticism that concentrates on the text itself, without considering external factors like the author's biography or historical context.
The goal of New Critics is to evaluate and interpret the text by examining its composition, such as imagery, metaphor, symbols, and overall form. This formalist approach includes a detailed and careful reading of the work to understand how its form contributes to its meaning. Through this process, New Critics aim to discern how structure and themes are inextricably linked within the literary work.