I've looked it up in the past, too. :wink
dis·pen·sa·tion (d
s
p
n-s
sh
n, -p
n-)
n.
1.
a. The act of dispensing.
b. Something dispensed.
c. A specific arrangement or system by which something is dispensed.
2. An exemption or release from an obligation or rule, granted by or as if by an authority.
3.
a. An exemption from a church law, a vow, or another similar obligation granted in a particular case by an ecclesiastical authority.
b. The document containing this exemption.
4. Theology
a. The divine ordering of worldly affairs.
b. A religious system or code of commands considered to have been divinely revealed or appointed.
Eph_1:10
That in the dispensation of the fulness of times he might gather together in one all things in Christ, both which are in heaven, and which are on earth; even in him:
Eph_3:2 If ye have heard of
the dispensation of the grace of God which is given me to you-ward:
I don't believe God in this dispensation deals any differently with a genetic Jew or a genetic Gentile. We are all one in the Body of Christ, the Church. In fact, it is becoming clear there is more mixture of the two than we knew in earlier times.
I believe in scripture God has made it clear that His chosen people are those who follow Him whether they be genetic Jew or genetic Gentile. Whether they lived under the old covenant or the new.
The nation of Israel was suppose to be a light to the Gentile world. In the story about Naomi and Ruth, Naomi is a light of God's love to Ruth, a Moabite woman. So much so that Ruth says, "your God shall be my God". Then we see the picture of the kinsman redeemer Boaz, a type of Christ.
In Romans, Paul explains how the Christian Church is to bring the unbelieving Jews into His Body, the Church. How? By setting an example, that they will be jealous of the Christian Church's relationship with God.
So in this dispensation of grace where God has said, He reconciled the world to Himself through Christ. There is only Christ, His Body, and all the nations of the world, including the State of Israel. One is either in the Body or in the world. This is the dispensation of grace (the system), God reconciling the world to Himself.
2Co 5:19 To wit, that God was in Christ, reconciling the world unto himself, not imputing their trespasses unto them; and hath committed unto us the word of reconciliation.
I do not believe that the Christian Church replaced the Chosen People of Israel. I believe that the chosen people of Israel were always those who had a true relationship with God, the Remanent. Just as Paul says and so it is today.