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I could be wrong, but I think they essentially used to be more or less synonymous and conservatives or fundamentalists at the turn of the 20th century emphasized infallibility. But before long, liberals and those in formerly sound institutions started redefining the meaning of infallible to mean that the Bible is only infallible in matters of faith and not science, history, etc. so the conservatives reemphasized verbal and plenary inspiration and the term inerrancy.
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