What was the relationship between industrialized and non industrialized nations?

Non industrialized nations tend to produce commodity goods (unrefined, same wherever it comes from eg: timber, wool). These are exported to industrialized nations who manufacture products from these commodities (can fetch a higher price and bring a lot of employment to the area. Eg: ships with the timber, blankets with the wool). A great example if this is for History is the British Empire, which acquired commodity goods from non industrialized nations at that time and manufactured them in Britain before selling the products back to the colonies.