Dispensationalism is relatively recent historically (began mid 1830's, popularized around World War I). It began as:
Originally Posted by strangecharm
1) God did redemption differently during different time periods
2) An eternal separation of people with some Jewish ancestry from the Body of Christ
In this generation, the different periods of redemption (originally the seven Rich listed above) have been challenged and almost disappeared from popular debate. The eternal separation is now that the two groups do eventually get together in the state of Glory (covenant theology says they are together now).
I've understood one could be historical premillennial within reformed theology (but that is being hotly contested right now on another thread, worth studying), but not modern dispensational premillennial. The former does not have a rapture before a millennium with Christ physically ruling during that millennium.
[I]Post Tenebras Lux;[/I] [SIZE="2"][I] "And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away." - Revelation 21:4[/I][/SIZE]