To be read because of its historical value only. The author was himself a dispensationalist, and he takes to task his own background's views. Argues against old type dispensationalism, the one that is nearly extinct today, and those that still promote this kind of a teaching are mainly Pentecostals and charismatics, and they wouldn't have a clue who Scofield or Chafer or Ryrie were, so it's still useless. To learn about these views and debate dispensationalists today is equally amiss as reading Boettner and debating Roman Catholics, they wouldn't recognise themselves in your presentation of their views. As I have said - useful only if you want to know a little bit of a history, that's all. Definitely not a keeper for me.
Cox does well to be clear, concise, and helpful. He successfully gives a historical and theological account of Dispensationalism (as he once held to it) and gives some thoughts, from Scripture, as to why he believes the system cannot be derived from an honest and thorough evaluation of Scripture. The only reason for my three star review is do to the age of this book. It was written in the 50s and more nuances within Dispensationalism have developed. Definitely a worthwhile read but I would suggest reading some modern works on Dispensationalism alongside of it.
William Cox is the author of other books such as Amillennialism Today and Biblical Studies in Final Things. In the Introduction to this 1963 book, he states, "This book ... is written by one who for a number of years was a dispensationalist... It was only after much doubt and searching of the Scriptures that I was constrained to leave such a fascinating school of interpretation... It is hoped that the work will serve a useful purpose in view of the increased theological interest among laymen."
He argues, "We can best criticize the literalists by saying that none really exist! Their greatest inconsistency lies in the fact that all of them at one time or another interpret some passages of the Bible in a figurative or spiritual manner." (Pg. 26)
He makes the provocative suggestion, "Envision for a moment the marshalling together of the church fathers, all the great Reformers, most of the contemporaries of J.N. Darby, and all of the great theologians who labored to produce our Bible commentaries... all these we have mentioned would line up with Paul and all the other apostles in condemning any teaching which makes the church a mere parenthesis." (Pg. 50)
He asserts, "Darbyism (dispensationalism) is an unproved inference, which will not stand up under a close scrutiny of the Scriptures. Like many other movements within the history of Christianity this theory met with a widespread response because it struck out against apostasy." (Pg. 51)
There are certainly more extensive critiques of dispensationalism available, but this one is perhaps useful because of its brevity.