Dispensationalism is a system of biblical interpretation formalized in the nineteenth century by John Nelson Darby and later popularized by the publishing of the study Bible of C. I. Scofield and the establishment of Dallas Theological Seminary by Lewis Sperry Chafer... Twentieth century writers such as John Walvoord, Dwight Pentecost, and Charles Ryrie brought the doctrines of Dispensationalism into mainstream scholarship, which are often summarized by Ryrie's famous "sine qua non", i.e., his statement of the three primary tenets of the system. These are:
1) a clear distinction between Israel and the Church,
2) literal interpretation of Scripture, and
3) the glory of God as the primary goal of history.
We find only the third of these principles to be valid. As stated above, God's glory is clearly the driving force behind all things .... We believe there is one people of God, rooted in the Abrahamic Covenant, united in Christ, and consisting of both Jew and Gentile alike. - Christonomy.com