The difference is somewhat fluent in the sense of late 19th century colonialism, but in essence it depends on whether or not you consider the population of the subjugated country as somewhat of a peer with recognized claims to the occupied land, in which case you conquer their territory or whether you consider them backwards savages, essentially part of the fauna of a terra nullius that is up for graps, in which case you transplant your own population there to establish a colony.
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