What is Dispensationalism?

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The Greek word economia is found seven times in the Bible. In the
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King James Version it is translated four times as dispensation and three times as stewardship.
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Dispensationalism is a system of biblical interpretation which teaches that God deals with mankind in different ways at different times.
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During each time period or dispensation, God will give mankind a test, mankind ultimately fails that test, there is then a judgment, but through it all
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God shows grace to those who trust him by faith. The system of dispensationalism divides human history into seven dispensations,
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Innocence, Conscience, Human Government, Promise, Law, Grace, also called the
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Age of Grace or the Church Age, and finally the Millennial Kingdom, the thousand year reign of Jesus Christ on the earth.
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Dispensationalism teaches the rapture of the church, a seven year tribulation period, and a physical return of Christ to the earth.
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Dispensational pastors and theologians believe that upon his return Jesus will destroy the armies of the
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Antichrist at the Battle of Armageddon, after which he will then set up his kingdom upon the earth which lasts for one thousand years.
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During this time of the kingdom God fulfills his land promises to Abraham and the children of Israel.
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So in the dispensational system there is still a future for ethnic
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Israel. Two key elements of dispensationalism are that the
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Bible is to be taken literally, and there is a difference between Israel and the church.
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This stands in stark contrast to covenant theology which teaches an allegorical method of interpretation along with the belief that the church is
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Israel. Critics of dispensationalism claim that dispensationalism is a relatively new doctrine in church history, one that originated in the 1800s.
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Dispensationalists, however, claim they are simply returning to the viewpoint held by the early church.
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At this point I believe it is important to mention that there are different forms of dispensationalism and not all those who claim the label agree with one another.
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This video is simply meant to be a brief overview, so in review, here again there are several distinctive elements of dispensational theology.
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A literal interpretation of the Bible. God works in different ways at different times.
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Israel is not the church. The church is not Israel. There is still a future for ethnic
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Israel. Also there is the belief that the New Testament church began at Pentecost.
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Also the Holy Spirit did not indwell people in all dispensations, only during the dispensation of the church age.
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In times past, the Holy Spirit would come upon people, but he might also leave.
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In the New Testament church you have the indwelling, which is permanent.
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And then, of course, finally, premillennial theology that Christ will reign in the future 1 ,000 year period, which occurs after the rapture and tribulation.