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When people say that history is cyclical, they don't mean that it is literally repeating itself verbatim. They're referring to human nature/behavior. There's been numerous cycles in that regard that haven't varied that drastically. One only needs to even examine the last 150 years and see that we're once again experiencing a modern version of the Robber Baron Era (in the US at least for this one), the rise of fascism and populism, an increase in xenophobia and demand for isolationism, etc.
To paraphrase Mark Twain, history does not repeat itself, but it often rhymes.
It's rather go down the spiral, but yep, that what it ususlly means.