This phrase refers to the overall trend of repeating events, not individual people making the same mistakes. Despite new technology, economic collapses occur frequently; indeed, history repeats itself.
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Metaphorical Use
Often used metaphorically to suggest we haven't learned from past lessons. Ignoring climate change warnings, humanity acts as though history repeats itself.
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Critical Tone
Can convey criticism when used to point out a failure to learn from the past. Still, no flood defenses? It's like history repeats itself with every hurricane.