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'wheel', is one of the seven 'precious
possessions' (ratana) of a righteous World Emperor (cakkavatti:
'He who owns the Wheel,' cf. D. 26), and symbolizes conquering progress and
expanding sovereignty. From that derives the figurative expression dhamma-cakkam
pavatteti, 'he sets rolling the Wheel of the Law' and the name of the
Buddha's first sermon, Dhamma-cakkappavattana Sutta (s. dhamma-cakka).
Another figurative meaning of C. is 'blessing'. There are 4
such 'auspicious wheels' or 'blessings': living in a suitable locality, company
of good people, meritorious acts done in the past, right inclinations (A. IV,
31).
Bhava-cakka, 'wheel of existence', or of life, is a
name for 'dependent origination' (s. paticca-samuppāda).
See The Buddhist Wheel Symbol, by T. B. Karunaratne
(WHEEL 137/138); The Wheel of Birth and Death, by Bhikkhu Khantipalo (WHEEL
147/149)

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