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In my mind the issue has more to do with the presuppositions of both sides as opposed to the caricatures by the other side.
* Dispensationalism is not predicated on any particular number of dispensations. It assumes that God has two redemptive plans which will bring him glory (a doxological goal) and that we must view each of these literally. The unconditional promises to Abraham are viewed as part of his larger plan to redeem the world, but they are logically separable. This means that Israel and the Church must be sharply differentiated throughout time. Israel means Israel, the Church means the Church. God will fulfill his land promise to Abraham's physical seed in the millennium because that was an unconditional promise.
Therefore,
* Dispensationalism requires premillennialism (there must be a literal fulfillment for Abraham's physical seed). My old prof, Bob Gundry, tried to shoe-horn the post-trib view into the dispensational schema. Another old prof, George Ladd, represents the other premill view of historic (non dispensational) premillennialism. But, whether you are pretrib (the majority) or post-trib (the minority), if you are dispensational you will always be premill.
* Dispensationalism can change the number of dispensations, dabble in covenantal thinking, etc. and remain dispensational. The only minimum requirements to keep integrity in the system are a literal hermeneutic (i.e., consistently view OT prophecy as directed towards literal fulfillment for Israel) + an identifiably firm differentiation between Israel and the Church in God's program.
Covenant theology is largely amil and post-mil for hermeneutical reasons. The NT interprets the OT. Jesus reveals himself to be the subject of all the law and the prophets (cf. Lk 24 and the Emmaus Road walk through the Tanak). One can be premill for exegetical reasons (chiefly Romans 9-11) and still be a standard covenantal Calvinist. However, the "majority report" for the Reformed community is amillennialism, believing that NT authors apply the promises to Israel to Christ and to the church.
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Dennis E. McFadden, Ex Mainline Baptist (in Remission)
Atherton Baptist Homes, CEO
First Baptist Church of Alhambra, Member, Transformation Ministries (CA)
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