I think one aspect of the modern thought regarding this is that using violence as punishment teaches children that violence can be righteous. This is one way where violence begets violence. If a child sees a parent using violence to discipline---to make things right----then they may believe that somehow they may use violence for the same reason as well, perhaps to their peers or those younger than they are.
But like noodle said, sometimes such discipline can be for shock value in moments of danger. If a child were just about to run into traffic or, as noodle pointed out, about to touch or get close to something extremely dangerous, a stinging rebuke is an instantaneous and attention-grabbing rebuke and disincentive for future action. However, I think this isn't absolutely necessary. I don't think inflicting pain on children as a disciplinary action is ever something necessary.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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