From http://reformed-theology.org/html/c-vs-dis.
htm
A Comparison of Historic Covenant and
Historic Dispensational Theology
ISSUE COVENANT POSITION
PATTERN OF HISTORY Covenant of Works with
Adam; Covenant of Grace
with Christ on behalf of elect
(some distinguish between
Covenant of Redemption
with Christ and Covenant of
Grace with the elect).
VIEW OF HISTORY Optimistic: God is extending
His kingdom.
GOD'S PURPOSE IN There is a unified
HISTORY redemptive purpose.
VIEW OF THE BIBLICAL They are different
COVENANTS administrations of the,
Covenant of Grace.
RELATIONSHIP OF OLD Acceptance of Old
TESTAMENT TO NEW Testament teaching required
TESTAMENT unless specifically abrogated
by New Testament.
RELATIONSHIP BETWEEN The church is spiritual Israel,
ISRAEL AND THE in continuity with true Israel
CHURCH of Old Testament.
OLD TESTAMENT Refers to God's people, the
PROPHECY church.
CHURCH AGE God's redemptive purpose
continued to unfold.
DISPENSATIONAL
POSITION
Divided into dispensations
(usually seven); e.g., Innocence
(pre-Fall), Conscience (Adam),
Human Government (Noah),
Promise (Abraham), Law
(Moses), Grace (Christ's First
Coming), Kingdom (Christ's
Second Coming).
Pessimistic: the Last Days are
marked by increasingly worse
wickedness in the world and by
apostasy in the church.
There are two distinct purposes,
one earthly (Israel), one
heavenly (church).
They mark off periods of time
during which God's specific
demands of man differ.
Old Testament prescriptions are
not binding unless reaffirmed in
New Testament.
The church is the spiritual
people of God, distinct from
Israel, the physical people of
God.
Refers to ethnic Israel.
There is a parenthesis between
past and future manifestations of
the kingdom.
ROLE OF HOLY SPIRIT The Holy Spirit indwells The Holy Spirit indwells God's
God's people throughout people only from Pentecost to
history. the Rapture.

BAPTISM Unified covenant generally Israel/church distinction often

used to support infant (but not always) used to support
baptism. believers' baptism.

SOCIAL IMPLICATIONS Emphasizes "cultural The only way to save the world
mandate." is to save individuals; therefore
evangelism takes precedence
over "social action."

ESCHATOLOGY Usually amillennial; rarely Premillennial, usually

postmillennial; occasionally pretribulational.
premillennial.

MILLENNIUM Symbolic, often identified Literal, earthly 1000-year reign

with present age. after Second Coming.