The monument was commissioned in 1939 to commemorate the 1932 Siamese coup d'état (also called "Siamese Revolution of 1932" or just 1932 Revolution) which led to the establishment of a constitutional monarchy in what was then the Kingdom of Siam, by its military ruler, Field Marshal Plaek Pibulsonggram (commonly called Por (Thai: ป.), otherwise called Phibun). Phibun saw the monument as the centre of what he envisaged as a new, westernised Bangkok, "making Thanon [road] Ratchadamnoen the Champs-Élysées and the Democracy Monument the Arc de Triomphe."

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