Biblical inerrancy, as formulated in the "Chicago Statement on Biblical Inerrancy", is the doctrine that the Protestant Bible "is without error or fault in all its teaching"; or, at least, that "Scripture in the original manuscripts does not affirm anything that is contrary to fact".
A formal statement in favor of biblical inerrancy was published in the Journal of the Evangelical Theological Society in 1978. The signatories to the "Chicago Statement on Biblical Inerrancy" admit that "inspiration, strictly speaking, applies only to the autographic text of Scripture". However, even though there may be no extant original manuscripts of the Bible, those which exist can be considered inerrant, because, as the statement reads: "the autographic text of Scripture, ... in the providence of God can be ascertained from available manuscripts with great accuracy".
Some equate inerrancy with infallibility; others do not. Biblical inerrancy should not be confused with biblical literalism.
Inerrancy has been much more of an issue in American evangelicalism than in British evangelicalism. According to Stephen R. Holmes, it "plays almost no role in British evangelical life".
There is a minority of biblical inerrantists who go further than the "Chicago Statement on Biblical Inerrancy", arguing that the original text has been perfectly preserved and passed down through time. This is sometimes called Textus Receptus Onlyism, as it is believed the Greek text by this name (Latin for received text) is a perfect and inspired copy of the original and supersedes earlier manuscript copies. This position is based on the idea that only the original language God spoke in is inspired, and that God was pleased to preserve that text throughout history by the hands of various scribes and copyists. There are others who not only believe the original text has been supernaturally preserved without error in its copies, but that the English translation made from that supposed perfect manuscript was also supernaturally composed. This position is known by its opponents as King James Onlyism or KJV Onlyism. One of its most vocal, prominent and thorough proponents was Peter Ruckman, whose followers were generally known as Ruckmanites. He was generally considered to hold the most extreme form of this position. Ultimately both positions suffer from the same historical and textual problems, but KJV Onlyism adds another layer of difficulty to overcome.