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http://en.wikipedia.org/wiki/SupersessionismSupersessionism is a Christian theology that contrasts with Dual-covenant theology. Biblical expressions of God's relationships with people are known as covenants, so the contentious element of supersessionism is the idea that the New Covenant with Christendom replaces the Mosaic Covenant with the Israelites and Proselytes.
Punitive supersessionism is the view that Jews who reject Jesus as the Jewish Messiah are consequently condemned by God, forfeiting the promises otherwise due to them under the covenants.edited from Wikipedia [Hippolytus, Origen, and Luther]
Economic supersessionism is used in the technical theological sense of function (see economic Trinity). It is the view that the practical purpose of the nation of Israel in God's plans is replaced by the role of the church. edited from Wikipedia [Justin Martyr, Augustine, and Barth]
Structural supersessionism is Soulen's term for the de facto marginalization of the Old Testament as normative for Christian thought. In his words, "Structural supersessionism refers to the narrative logic of the standard model whereby it renders the Hebrew Scriptures largely indecisive for shaping Christian convictions about how God’s works as Consummator and Redeemer engage humankind in universal and enduring ways. edited from Wikipedia
These three views are neither mutually exclusive, nor logically dependent, and it is possible to hold all of them or any one with or without the others.
NOTE: Replacement Theology led to Anti-Semitism which led to the Holocaust.
It also makes God out to be a "promise breaker" as to the commitments made to (genetic) Israel in the Old Testament.
http://www.shema.com/Combating Replacement Theology/crt-005.php