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A doctrine prevalent in some forms of Protestant Christianity that divides history into distinct periods, each marked by a different dispensation or relationship between God and humanity. Dispensationalism further holds that Christian believers will be transported to heaven without warning and that soon thereafter there will be a period of tribulation, followed by the Second Coming.

dis′pen·sa′tion·a·list n.
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Every summer a nearby church sponsored a "Summer Pavilion," which brought many of the greatest Bible teachers, such as Harry Ironside, Carl Armerding, John Walvoord, and Alva McClain, all traditional dispensationalists.
They attacked theological liberalism, conventionism, and, by and large, were millennialists and dispensationalists.
7) More specifically, Aberhart and his Bible Institute followers were dispensationalists and emphasized a premillennialist expectation of Christ's imminent return.
They'd been innocent victims, collateral damage, caught up in the blast radius of recrimination against the Dominionists and Dispensationalists, the Scientific Creationists and Christian Zionists, the corrupt and cynical elements of the Roman hierarchy, the Islamist jihadis and the Third Temple zealots and all the rest who'd done the real damage in the Faith Wars .
Such let-downs have not deterred subsequent millennialists and dispensationalists of various stripes from continuing to make similar projections.
Darby and his seven dispensations (look it up), and not all dispensationalists think Iranian president Mahmoud Ahmadinejad (or maybe Barack Obama) is the Antichrist.
So rather than speculating about the identity of the Antichrist alive today--as dispensationalists do--he believes Christians ought to come to grips with the reality that "the enemy is within our own beating hearts, that we can destroy ourselves through some catastrophic war with nuclear and biological weapons or through the slow strangling of our planet through ecological degradation.
While premillennial dispensationalists conceptualized history as time partitioned into certain ages and with a definite end, secular critics of nuclear weapons postulated global annihilation.
He concludes on the question of Jewish willingness to work with evangelicals to support Israel, "Given the choice between the openly theological views of the dispensationalists and views that may be operating 'precritically and unconsciously' among the more 'progressive' and 'enlightened' elements in the divesting churches, the alliance with the pro-Israel Christian Right" is the "more prudent course" (19) of action for the Jewish community.
22) Dispensationalists, often referred to as Christian fundamentalists, teach that believers will be removed from this physical earth at the time of the return of Christ.
His main point is this: North American Dispensationalists had been predicting the end time on the basis of biblical prophecy for well over a century before the establishment of the State of Israel.
The bottom line with Dispensationalists concerns the end-times and, specifically, the pre-tribulation rapture.