Answer:
Dispensationalism
Charles C. Ryrie’s definition of dispensationalism:
Dispensationalism is that system of theology which . . . views the world as a household run by God. In this household-world God is dispensing or administering its affairs according to His own will and in various stages of revelation in the process of time. These various stages mark off the distinguishably different economies in the outworking of His total purpose, and these economies are the dispensations.
In this system, there are usually, but not always, seven such dispensations: the dispensation of innocence or freedom, the dispensation of conscience or self-determination, the dispensation of civil government, the dispensation of promise or patriarchal rule, the dispensation of law, the dispensation of grace, and the dispensation of the kingdom or the millennium. This is the basis of Ariel Ministries teaching.
Covenant Theology
Covenant theology is the system of theology that “represents the whole of Scripture as being covered by two covenants: (1) the covenant of works; and (2) the covenant of grace.” Hence, covenant theology is a system of theology that is based upon the two covenants of works and of grace “as governing categories for the understanding of the entire Bible.”
The Millennium or the Millennial Kingdom
The term “millennium” means “thousand years.” According to the late theologian and former president of Dallas Theological Seminary Dr. John F. Walvoord, this period of a thousand years “is often identified with the many promises of the Old Testament of a coming kingdom of righteousness and peace on the earth in which the Jews would be leaders and in which all the nations would have great blessing both spiritual and economic.” In this work, the millennium will also be referred to as the Messianic kingdom.
Premillennialism
Premillennialism is a system of theology “which holds the doctrine that the second coming of Christ precedes the millennium.” It is the teaching “that Christ will reign on earth for one thousand years following His second advent. Premillennialism as a term derives its meaning from the belief that the second coming of Christ will be before this millennium and therefore pre-millennial.” All dispensationalists are premillennialists, whereas only a segment of covenant theologians hold to this view.
Postmillennialism
Postmillennialism is a system of theology that “teaches that the Second Coming of Christ will follow the thousand years of peace and righteousness.” The name “postmillennialism” reflects the teaching that Messiah will return after the millennium. According to Walvoord, postmillennialism holds “that the present age will end with a period of great spiritual blessing corresponding to the millennial promises accomplished through preaching the gospel.” The entire world will be Christianized and brought to submission to the gospel before the return of the Messiah. This view is held by a segment of covenant theologians.
Amillennialism
Amillennialism (or no-millennialism) is that system of theology “which rejects the idea of any period of a thousand years either before or after the return of Christ.” It is the teaching that “the only visible coming of Christ to this earth which the church is to expect will be for judgment and will be followed by the final state.” It is “amillennial” because it rejects the doctrine of a thousand-year kingdom. Most covenant theologians today are amillennial.
Arnold G Fruchtenbaum, Ariel’s What the Bible Teaches About Israel: Past Present and Future (San Antonio, TX: Ariel Ministries, 2019) pg. 16-17.
