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Structuralism is an approach that grew to become one of the most widely used methods of analyzing language, culture, and society in the second half of the 20th century. 'Structuralism', however, does not refer to a clearly defined 'school' of authors, although the work of Ferdinand de Saussure is generally considered a starting point. Structuralism is best seen as a general approach with many different variations. As with any cultural movement, the influences and developments are complex.
Broadly, structuralism seeks to explore the inter-relationships (the "structures") through which meaning is produced within a culture. According to structural theory, meaning within a culture is produced and reproduced through various practices, phenomena and activities which serve as systems of signification. A structuralist studies activities as diverse as food preparation and serving rituals, religious rites, games, literary and non-literary texts, and other forms of entertainment to discover the deep structures by which meaning is produced and reproduced within a culture. For example, an early and prominent practitioner of structuralism, anthropologist and ethnographer Claude Levi-Strauss, analyzed cultural phenomena including mythology, kinship, and food preparation.
When used to examine literature, a structuralist critic will examine the underlying relation of elements (the 'structure') in, say, a story, rather than focusing on its content. A basic example are the similarities between West Side Story and Romeo and Juliet. Even though the two plays occur in different times and places, a structuralist would argue that they are the same story because they have a similar structure - in both cases, a girl and a boy fall in love (or, as we might say, are +LOVE) despite the fact that they belong to two groups that hate each other, a conflict that is resolved by their death. Consider now the story of two friendly families (+LOVE) that make an arranged marriage between their children despite the fact that they hate each other (-LOVE), and that the children resolve this conflict by committing suicide to escape the marriage. A structuralist would argue this second story is an 'inversion' of the first, because the relationship between the values of love and the two pairs of parties involved have been reversed. In sum, a structuralist would thus argue that the 'meaning' of a story lies in uncovering this structure rather than, say, discovering the intention of the author who wrote it.
Some feel that a structuralist analysis helps pierce through the confusing veil of life to reveal the hidden, underlying, logically complete structure. Others would argue that structuralism simply reads too much into 'texts' (in the widest sense) and allows clever professors to invent meanings that aren't actually there. There are a variety of positions in between these two extremes, and in fact many of the debates around structuralism focus on trying to clarify issues of just this sort.