Do you believe that phrase; or do you think it's just something that can be said to make us feel better when we observe others getting away with things that we would not?
No, I don't believe that what goes around comes around. I think people who feel a wrong has been done, for whatever reason, say it because they hope for some sort of justice, but they don't always get it.
When I was a teenager I borrowed a bike from outside the university. It was little more than a pile of scrap and it cost a few bob to get it back in working order.
Just recently some thieving dog stole my bike, which had cost me hundreds, from nearly the same place.
There may be something in that phrase.
In the circle of life
It's the wheel of fortune
It's the leap of faith
It's the band of hope
Till we find our place
On the path unwinding
In the circle, the circle of life
Personally, I don't believe it. I don't believe that if you do something unpleasant to someone, then something unpleasant will happen to you. I'm sure there are plenty of dirty, rotten scoundrels who have lived life without redress and there are plenty of well meaning, kind folk who have had terrible times.
people seem to say it mostly when something does come around, implying fate or karma is at work. There's presumably a grain of truth in it, since everything we do has consequences, and some of those may well return to bite us on the bum.
I wouldn't take it literally. Ok maybe karma is real, but let's not rely on that. Although I think the phrase has some merit. If you associate with those like yourself, and you are not treating others well, then chances are you will suffer the same as you deal out before too long. But as for some kind of 'overlord' ensuring everyone gets their "just deserts", well don't hold your breath.
My dad used to say "The mills of God grind slowly but they grind exceeding fine" Thinks this may mean something the same.
Keep your words sweet as one day you may have to eat them!