What if the Carlists won the First Carlist War (1833-1839) and Prince Carlos became king Carlos V.

What would be the colonial consequences of this? Will Spain be more involved in the Scramble for Africa or in Asia or will they do more in the New World with Mexico or something? And thus: will the Spanish Empire again become a great colonial empire?
 
And thus: will the Spanish Empire again become a great colonial empire?
Despite not knowing a whole lot about the Spanish Empire, I feel fairly safe in saying "probably not." Mainly because, from what I hear, traditional Spanish policy towards the colonies was unsustainable for a variety of reasons, and the Carlists were all about maintaining as many 'traditional' policies in place as possible. As a result, I don't see Carlos V drifting too far from the policies of Fernando VII and Carlos IV, and we know those were absolute stinkers (even setting aside the material conditions that made upholding the status quo basically impossible anyway).
 
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