The reign of Philip III of Spain (1598SH1621) has been viewed traditionally as the age when Spain's world power started to wane. This book reappraises this interpretation and demonstrates that this period represented a realignment of Spanish power in world affairs. It also analyzes the career of the Duke of Lerma, Philip III's chief minister, the first of a series of European royal favorites (such as the Duke of Buckingham, Cardinal Richelieu, and the Count-Duke of Olivares) who influenced politics, court culture and the arts during the seventeenth century.