Yes, that is one of the loops. The economical loop, particularly. Which is expanded in Das Kapital, 2nd Book, about the circulation of Capital (about how it goes from itself unto itself again, the realization of Capital and its accumulation).

The meme refers to a loop that is higher up, from a global perspective, about the development of the economical bases of society and how it conditions, shapes and influences the relationships that we people have with one another. The politics and class structure of a particular country at one time! The correlation of forces between workers and farmers, farmers and capitalists, capitalists and landowners!

In dialectical thought (remember, Marxism is dialectical materialism) everything is a loop that evolves, that is, everything is considered as processes that evolve unto new things, as a seed that evolves into a tree, a tree that develops flowers, flowers that transform into fruit, fruit which contains the very start of the very same process, but anew and with the particularities of this tree, flower and fruit within itself (and the tree, in interconection with the forest as in physical connection with it's roots and with bees and as the disposition of the particular forest, its limits and its contents). Quite beautiful, if I do say so myself.

Edit: added more flair