
Teaching To Read, Historically Considered makes a distinction, which I have not seen people persist in using despite its utility, between "words-to-reading" methods, in which one memorizes words and reads with their memorized vocabulary, and "words-to-letters" methods, in which one memorizes a smaller set of words and uses those as anchors for learning and memorizing letters and sounds. He notes that in the 1800's both methods were present in the States, and both would simply get called the "word method", despite being crucially different from each other.
Mitford Mathews, Teaching To Read, Historically Considered. A brief, intelligent history of reading. A number of other good treatments are available for the newcomer.
Though Comenius was the first to introduce pictures into reading primers, he's often incorrectly cited as having championed some early version of the word-method. From Teaching To Read, Historically Considered: