Corporal punishment, in the wisdom of many ancient religions and philosophies has always been acceptible. It is only in our age that it has become an issue, and I believe that to be arrogant. When a child is old enough to understand WHY he should not perform any given action, then that child should receive a different form of punishment, as well as an explanation as to why that action should not be done. Prior to this time, a child without the mental capacity to understand why certain things should not be done need only be shown that it mustn't be done. Children of this age respond best to two forms of actions. Physical pain, or bribery. While I know physical pain passes, and the child grows up with the knowledge that its parents did not punish him in that form out of malice, but rather out of love (at least that is the understanding that I, and my siblings had). Bribery, however, can be more damaging, since it teaches children values of deception, rather than honesty.
In my limited experience, I have seen those who received corporal punishment as children to have a stronger character, a better sense of moral decency, as well as a deep love for their parents than those who went without. I'm not saying that such things cannot be accomplished without corporal punishment, only that in my experience the effects are surer with corporal punishment.