To begin this discourse, Foucault analyzes Diego Velàzquez's painting "Las Meninas," noticing the elements of the painting's design and order, noticing what elements are preferred or put into the background—all to jump into a philosophical discussion of order, particularly the order of society. Foucault argues that the painting is evidence that some extra invisible layer is constructing society that humans don't easily detect. That force seems to be "Episteme."
Foucault shows that whether or not a society will or will not make use of the scientific method seems to be predetermined by their epistemological assumptions about reality. This would show that as cultures evolve, co-mingle, and change, an economy of "belief" unfolds across the earth. He analyzes this metaphysical epistemological currency in three domains: Biology, Economics, and Linguistics.
This leads Foucault to the central argument of The Order, which is the existence of a conceptual notion, the episteme, a term he coined for the meme-like currency of epistemological beliefs. As a currency, beliefs dictate what sort of culture will arise. Will they be great artists? Scientists? Economists? All these are predetermined, says Foucault, by what things a culture generally takes for granted.
He offers an analytical elaboration on this concept, showing that grammar is an epistemological underpinning for human linguistics. He even argues that evolution and biology depend on these epistemological systems, since they determine animal instinct and behavior. The final domain is economics, where he argues that our beliefs shape the economy well before anyone actually starts selling anything. The market is determined by public opinion.
He ends the work with the hypothetical examples. He explains the episteme-value of the Renaissance, the classical era, and the modern era, showing how the epistemes grew and morphed through time to produce radically different-seeming cultures.