Philip V of Spain was the first Bourbon king of Spain, reigning from 1700 to 1724 and then again from 1724 to 1746. He ascended to the throne after the death of Charles II, the last Habsburg king, which led to the War of the Spanish Succession. His rule marked the beginning of the Bourbon dynasty in Spain. During his reign, Philip V implemented significant reforms to modernize the Spanish state and economy. He centralized power, reduced the influence of regional governments, and promoted trade and industry. His reign also saw the establishment of the Bourbon Reforms, aimed at strengthening royal authority and improving administration.