A Shot of Bourbon

This Althist is based on one question - What if a unified Bourbon Franco-Spain had resulted from the death of Charles II in 1700 instead of OTL's War of Spanish Succession? A great deal more effort will be placed on building this althist's version of North America, so be prepared for a confusingly underbuilt Europe/Asia.

Point of Divergence
On the 1st of November, 1700, Charles II of Spain died childless and therefore left his kingdom without heir. His will named his half sister's son Philip as successor to the throne, and Philip V of Spain was coronated on November 16th, 1700. In this timeline he is a very capable king and though beginning his rue at 16 years of age, manages to control a unified Bourbon Franco-Spain and deter all attempts to prevent his control over history's most powerful empire.