During the Habsburg era, Spain emerged as the prosperous and most influential state in Europe, creating an excellently well-functioning system of administration of vast overseas territories and giving the world a rich original culture. Professor John Elliot in his study traces the imperial period of Spain's history from its rise under Ferdinand and Isabella to the reign of Philip V and answers the question of what awakened the mighty energy that gave rise to a new civilization in the New World and changed the balance of power in Europe.