Dispensationalism is an
evangelical futurist interpretive system for the Bible. It considers Biblical history as divided deliberately by God into defined periods or ages to each of which God has allotted distinctive administrative principles. The Bible word “Dispensation” (Greek: oikonomia, from oikos/house and nomos/law, from which comes the English word “economy”) means: “An administration of affairs, a stewardship, a mode of dealing”. Each age of the plan of God is thus administered in a certain way, and humanity is held responsible as a steward during that time. Each dispensation is marked by a cycle. God reveals Himself and His truth to humanity in a new way. Humanity is held responsible to conform to that revelation. Humanity rebels and fails the test. God judges humanity and introduces a new period of probation under a new administration.
