"These verses are of fundamental importance for the theology of Genesis , for they serve to bind together the primeval history and the later patriarchal history and look beyond it to the subsequent history of the nation." [1][source]
"Whereas chapters1-11generally portray man"s rebellion, chapters12-50 detail God"s bringing man into a place of blessing." [2][source]
". . . this is the central passage of the Book of Genesis." [3][source]
God"s revelation to Abram in these verses explains why his family left Ur ( Exodus 33:1-39). [source][source][source]
". . . by placing the call of Abraham after the dispersion of the nations at Babylon ( Genesis 11:1-9), the author intends to picture Abraham"s call as God"s gift of salvation in the midst of judgment." [4][source]
"The primeval history thus explains the significance of the patriarchal story: though apparently of little consequence in the world of their day, the patriarchs are in fact men through whom the world will be redeemed. The God who revealed himself to them was no mere tribal deity but the creator of the whole universe." [5][source]
The fourth dispensation, the dispensation of promise, extended from Abram"s call to the giving of the Mosaic Law at Mt. Sinai ( Exodus 19-24). Man"s stewardship rested on God"s promises to Abram, which appear first in Genesis 12:1-3 but receive confirmation and enlargement in Genesis 13:14-17; Genesis 15:1-7; Genesis 17:1-8; Genesis 17:15-19; Genesis 22:16-18; Genesis 26:2-5; Genesis 26:24; Genesis 28:13-15; Genesis 31:13; and Genesis 35:9-12. Individual blessing depended on individual obedience ( Genesis 12:1; Genesis 22:18; Genesis 26:5). God unconditionally promised blessing through Abram"s descendants to the nation of Israel ( Genesis 12:2; Genesis 15:18-21; Genesis 17:7-8), to the church through Christ ( Galatians 3:16; Galatians 3:28-29), and to the Gentile nations ( Genesis 11:31). Individuals (e.g, Pharaoh, Genesis 12:17; Abimelech, Genesis 20:3; Genesis 20:17) and nations (e.g, Egypt, chs47-50; Exodus 1-15) that proved favorable toward Abram"s seed would experience divine blessing, but those that proved hostile would experience divine cursing ( Genesis 12:3; cf. Matthew 25:31-46). Christians are called upon to trust God as Abram did and so enter into the spiritual blessings of the Abrahamic Covenant, which covenant inaugurated the dispensation of promise ( Romans 4:11; Romans 4:16; Romans 4:23-25; Galatians 3:6-9). God"s promises to Abram and his descendants did not end with the giving of the Mosaic Law ( Galatians 3:17; cf. Exodus 32:13; 1711654222_6; Leviticus 23:10; Leviticus 25:2; Leviticus 26:6; Deuteronomy 6:1-23; Deuteronomy 8:1-18; Joshua 1:2; Joshua 1:11; Joshua 24:13; Acts 7:17; Romans 9:4). However as a test of Israel"s stewardship of divine truth, the dispensation of promise was superseded, not annulled, by the dispensation of law ( Exodus 19:3-8). [source][source][source]