This is the political, social, cultural, and economic 'time and place' surrounding the creation of a literary text.

The answer is: Historical Context

Explanation:

Well, Historical context or setting, is exactly this definition provided, in technical terms speaking. This is an important part of literature, as without it; memories, characters, stories, etc ... would have less meaning. In other words, the historical context has to do with all details that surround an event.