Among Conservative Christians, there are two basic theological systems: Dispensational Theology and Covenant (or Reformed) Theology. Both of these systems have been around for about three hundred years or more. Basically theology helps people understand the Bible.
Dispensational Theology says that to correctly understand the Bible you must divide it up into seven (7) dispensations. Covenant Theology says that to correctly understand the Bible you must understand three (3) main covenants.
My intent is to look at each theological system honestly based on two specific books. The first book is Dispensationalism: Revised and Expanded by Dr. Charles C. Ryrie published in 1995 and 2007. The second book is Great Doctrines of the Bible by Dr. Martyn Lloyd-Jones, published in 2003.
Finally, I will present my experience with both and explain why I believe as I do.
What is a dispensation? It is a period of time that God chooses to deal with humans in a particular way that may or may not continue into succeeding dispensations.
What is a covenant? It is a contract between two people. In theology, it is a contract between God and humans; in some cases, God’s covenant is all about what God will do for humans without their efforts, and in other cases, it also includes a requirement that humans must obey God by obedience to receive the blessing.
I have been related to and known Christian people on each side of this discussion. Unfortunately, some people on each side of the spectrum have called the other side heretics. To be a heretic, one must have a distorted view of the primary doctrines of scripture: the Bible, God, the Trinity, Creation, Sin, Salvation, and the Second Coming of Christ. Heresy does not apply to these theological systems. We are each required to read the Bible and interpret it for ourselves with the leading of the Holy Spirit. Since we are all sinners, we must realize that our interpretations may have some error, but we will find out what really is meant when we are in God’s presence. I think we will all one day say, “Oh, is that what that meant!” Dr. Ryrie in the last chapter of his book expressed this same thought. May the Lord bless you as you continue to study His word.