In medieval and ancient philosophy the Wheel of Fortune, or Rota Fortunae, is a symbol of the capricious nature of Fate. The wheel belongs to the goddess Fortuna, who spins it at random, changing the positions of those on the wheel - some suffer great misfortune, others gain windfalls. Fortune appears on all paintings as a woman, sometimes blindfolded, "puppeteering" a wheel.
The origin of the word is from the "wheel of fortune" - the zodiac, referring to the Celestial spheres of which the 8th holds the stars, and the 9th is where the signs of the zodiac are placed. The concept was first invented in Babylon and later developed by the ancient Greeks.
The concept somewhat resembles the Bhavacakra, or Wheel of Becoming, depicted throughout Ancient Indian art and literature, except that the earliest conceptions in the Roman and Greek world involve not a two-dimensional wheel but a three-dimensional sphere, a metaphor for the world. It was widely used in the Ptolemaic perception of the universe as the zodiac being a wheel with its "signs" constantly turning throughout the year and having effect on the world's fate (or fortune).
Vettius Valens, a second century BC astronomer and astrologer, wrote:
In the same century, the Roman tragedian Pacuvius wrote:
Fortunam insanam esse et caecam et brutam perhibent philosophi,
Saxoque instare in globoso praedicant volubili:
Id quo saxum inpulerit fors, eo cadere Fortunam autumant.
Caecam ob eam rem esse iterant, quia nihil cernat, quo sese adplicet;
Insanam autem esse aiunt, quia atrox, incerta instabilisque sit;
Brutam, quia dignum atque indignum nequeat internoscere.
Philosophers say that Fortune is insane and blind and stupid,
and they teach that she stands on a rolling, spherical rock:
they affirm that, wherever chance pushes that rock, Fortuna falls in that direction.
They repeat that she is blind for this reason: that she does not see where she's heading;
they say she's insane, because she is cruel, flaky and unstable;
The idea of the rolling ball of fortune became a literary topos and was used frequently in declamation. In fact, the Rota Fortunae became a prime example of a trite topos or meme for Tacitus, who mentions its rhetorical overuse in the Dialogus de oratoribus.