The inter-word stretch and shrink can be adjusted (or removed). The following minimal example tries to highlight this:

\documentclass{article}
\usepackage{xcolor}% http://ctan.org/pkg/xcolor
\newdimen\origiwstr% inter-word stretch
\newdimen\origiwshr% inter-word shrink
\makeatletter
\newcommand{\fixedspaceword}[1]{%
\origiwstr=\fontdimen3\font% original inter-word stretch
\origiwshr=\fontdimen4\font% original inter-word shrink
\fontdimen3\font=\z@% No inter-word stretch
\fontdimen4\font=\z@% No inter-word shrink
#1%
\fontdimen3\font=\origiwstr% Restore inter-word stretch
\fontdimen4\font=\origiwshr% Restore inter-word shrink
}
\makeatother
\newcommand{\vertruleL}{\llap{\smash{\color{red}\rule[-10\baselineskip]{1pt}{11\baselineskip}}}}
\newcommand{\vertruleR}{\rlap{\smash{\color{red}\rule[-10\baselineskip]{1pt}{11\baselineskip}}}}
\newcommand{\WWII}{{\color{blue}post--World War II}}
\begin{document}
% \mboxed
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam \vertruleL\mbox{\WWII}\vertruleR{} tortor metus, adipiscing sitalo amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
% Plain
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam \WWII{} tortor metus, adipiscing sitalo amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
% No shrink/stretch
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam \fixedspaceword{\WWII} tortor metus, adipiscing sitalo amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
\hrulefill
% \mboxed
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam tortor metus, adipiscing sitalo \mbox{\WWII} amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
% Plain
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam tortor metus, adipiscing sitalo \vertruleL\WWII\vertruleR{} amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
% No shrink/stretch
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse semper
mauris a odio vestibulum et eleifend quam gravida. Maecenas facilisis odio
sed velit semper imperdiet. Nullam tortor metus, adipiscing sitalo \fixedspaceword{\WWII} amet elementum
lacinia, ullamcorper at velit. Suspendisse nulla elit, bibendum a tempus eu,
gravida non est.
\end{document}
In the first three examples of Lorem Ipsum text, the second one clearly has a change in the inter-word spacing, since the red vertical rules overlay the blue post--World War II with nothing else changed.
The dimensions relating to inter-word stretch/shrink are given by
\fontdimen3\font (for stretch)
\fontdimen4\font (for shrink)
The macro \fixedspaceword{<stuff>} stores the original stretch/shrink before setting it to zero (\z@) and typesetting <stuff>. Finally, it restores the original stretch/shrink. This allows for breaking across the line boundary as well, as shown in the second set of examples. \mbox, of course, does not allow this.
As reference, see How to shorten/shrink spaces between words?
\mbox{post--World War II}See When to use a \mbox or a tilde for words that have to stay together – Qrrbrbirlbel Feb 23 '13 at 04:25