How do these phrases differ?

Industrialized world

Industrial world

Do both the phrases give the same meaning, or are they different?

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Short Answer: Different.

Long Answer: It's the difference between a "world that has been industrialized" and "the world of industry."

Without making political or social commentary of any kind, an "industrialized world" typically refers to

a more developed country.

whereas the "industrial world" is more like

all the companies that make up "industry," such as, factories, manufacturing and manufacturers, etc.

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