What is Literary Fiction?

 I figure mostly I write literary fiction - which is not the speculative fiction or the crime stories that I write. Whether they are all that literary seems to be a question considering all of my rejections. 

Then there is Dan Sinykan's What Was Literary Fiction? The strangely short history of a publishing niche. leaves me wondering if there is such a thing:

The term “literary fiction” began its rise about 40 years ago. In the summer of 1980, John Dessauer, a book industry analyst, raged against those who were bemoaning the state of publishing. A wave of mergers and acquisitions had consolidated the industry in recent years, as once-independent publishers were absorbed by conglomerates. Gulf + Western owned Simon & Schuster. Pearson owned Penguin, which had merged with Viking to form Viking Penguin. S.I. Newhouse had just acquired Ballantine, Knopf, Pantheon, and Random House from RCA. Eventually, just five multinational conglomerates—the Big Five—would control most of trade publishing. 

sch 10/14