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Post-war period[edit]
The wartime airfield became Nassau's international airport in 1957 and
helped spur the growth of mass tourism, which accelerated
after Havana was closed to American tourists in 1961. Freeport, on the
island of Grand Bahama, was established as a free trade zone in the 1950s
and became the Bahama's second city. Bank secrecy combined with the
lack of corporate and income taxes led to a rapid growth in the offshore
financial sector during the postwar years.
The fourth James Bond film, Thunderball, was partly filmed in 1965 in
Nassau.
By the early 1980s, the islands had become a major center for the drug
trade, with 90% of all the cocaine entering the United States reportedly
passing through the Bahamas. Diplomatic relations were established
with Cuba in 1974. A decade later, as increased Cuban immigration to the
islands strained the Bahamas’ resources, Cuba refused to sign a letter of
repatriation.
In September 2004, Hurricane Frances swept through the Bahamas,
leaving widespread damage in its wake. Just three weeks later, Hurricane
Jeanne uprooted trees, blew out windows, and sent seawater flooding
through neighborhoods on the islands of Abaco and Grand Bahama.
Receding floodwaters left boats tossed on roads and homes battered.
The College of the Bahamas was founded in 1974 and provided the
nation's higher or tertiary education. The College was chartered in 2016 as
the University of the Bahamas, offering baccalaureate, masters and
associate degrees, on three campuses and teaching and research centres
throughout the Bahamas.
Based on the twin pillars of tourism and offshore finance, the Bahamian
economy has prospered since the 1950s. However, there remain significant
challenges in areas such as education, health care, housing, international
narcotics trafficking and illegal immigration from Haiti.

Political developments[edit]
Modern political development began after World War II. The first political
parties were formed in the 1950s. The Progressive Liberal Party was
formed in 1953, and the United Bahamian Party was formed in 1956.
Bahamians achieved self-government in 1964, with Sir Roland Symonette,
of the United Bahamian Party, as the first Premier. The Bahamas achieved
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full independence as a Commonwealth realm within the Commonwealth of

Nations on 10 July 1973. Sir Lynden O. Pindling, leader of the Progressive
Liberal Party, became the first black Premier of the colony in 1967, and in
1968 the title was changed to Prime Minister. Sir Milo Butler was appointed
the first Governor-General of the Bahamas (the official representative
of Queen Elizabeth II) shortly after independence. Pindling was prime
minister until 1992, during which the Bahamas benefited from tourism and
foreign investment. He was succeeded by Hubert Ingraham, leader of
the Free National Movement, who was prime minister until 2002.