Bourbon reforms

 Seeking to stimulate the economy of Spain, improve commercial ties with its colonies, and streamline colonial administration, the Bourbon Reforms were carried out by the titular house after French-born Phillip V (great-nephew of the last Habsburg ruler of Spain, Charles II) secured the throne in 1700. Although forced to make territorial, diplomatic, and commercial concessions following the War of Spanish Succession, the Bourbon rulers aimed to resuscitate the military and economic fortunes of the declining Spanish Empire. Although addressing some of these problems successfully, the Reforms also exacerbated tensions between Spain and its colonies, as well as ethnic tensions within the latter, which helped set the stage for Latin American i