The term “limited atonement” addresses the question, “For whom did Christ die?” But behind the question of the extent of the atonement lies the equally important question about the nature of the atonement. What did Christ actually achieve on the cross for those for whom he died?
If you say that he died for every human being in the same way, then you have to define the nature of the atonement very differently than you would if you believed that Christ only died for those who actually believe.
In the first case you would believe that the death of Christ did not actually save anybody; it only made all men savable.
It did not actually remove God’s punitive wrath from anyone, but instead created a place where people could come and find mercy—IF they could accomplish their own new birth and bring themselves to faith without the irresistible grace of God.
For if Christ died for all men in the same way then he did not purchase regenerating grace for those who are saved. They must regenerate themselves and bring themselves to faith. Then and only then do they become partakers of the benefits of the cross.
In other words if you believe that Christ died for all men in the same way, then the benefits of the cross cannot include the mercy by which we are brought to faith, because then all men would be brought to faith, but they aren’t. But if the mercy by which we are brought to faith (irresistible grace) is not part of what Christ purchased on the cross, then we are left to save ourselves from the bondage of sin, the hardness of heart, the blindness of corruption, and the wrath of God.
Therefore it becomes evident that it is not the Calvinist who limits the atonement. It is the Arminian, because he denies that the atoning death of Christ accomplishes what we most desperately need—namely, salvation from the condition of deadness and hardness and blindness under the wrath of God. The Arminian limits the nature and value and effectiveness of the atonement so that he can say that it was accomplished even for those who die in unbelief and are condemned. In order to say that Christ died for all men in the same way, the Arminian must limit the atonement to a powerless opportunity for men to save themselves from their terrible plight of depravity.