According to Frye, when one reads The Tempest, "we note in passing the folktale theme of the struggle of brothers, the rightful heir exiled only to return later in triumph" (303).
Our ability to "note in passing" such themes in Shakespeare's The Tempest suggests that we are already familiar with them. This thought can be linked the theory of the monomyth--the belief that every work of literature tells the same story (or at least part of the same story). This story has arguably been developed throughout history--from the prehistoric times, when people lugged huge monoliths to form Stonehenge, to the present day, this story has been formulating.
While I am slightly skeptical of this theory, I can find support for it. For example, if one were to compare the two plays, The Tempest and Life is a Dream, s/he might find several striking similarities in the text. As noted earlier, The Tempest can be seen as a story of a rightful heir regaining his throne. So can Life is a Dream be viewed. Both lead characters, Prospero and Segismundo, at the beginning of the plays, have been removed from their rightful position, and, at the end of the play, they are restored to their thrones. This argument can be taken a step further to the claim that both plays are a story about the reestablishment of order. Each play exhibits chaotic and confusing circumstances only to conclude with an ordered end. Thus, each play seems to tell the same story, but is this story "The Story" told by all stories? Here's where my belief in the monomyth falters. I'm not sure... It seems to me that, when faced with the extensive breadth of literature available, to actually prove the theory of the monomyth correct would take an awfully long time if it can even be done at all.