We always are looking at what is right or wrong when in fact God's word has our instruction for us doesn't He?  Take a look: at some instruction his word in scripture on the subject:
Proverbs 22:15
Foolishness is bound in the heart of a child; but the rod of correction shall drive it far from him.

Proverbs 13:24
He that spareth his rod hateth his son: but he that loveth him chasteneth him betimes.

Proverbs 29:15
The rod and reproof give wisdom: but a child left [to himself] bringeth his mother to shame.

Proverbs 19:18
Chasten thy son while there is hope, and let not thy soul spare for his crying.

Proverbs 29:17
Correct thy son, and he shall give thee rest; yea, he shall give delight unto thy soul.

Proverbs 22:6
Train up a child in the way he should go: and when he is old, he will not depart from it.

God is good all the time!

Here is an article from the Christian Parent's Network.  http://www.christian-parents.net/

Here is an interesting article to follow regarding spanking.  From the web article at beliefnet.com  http://www.beliefnet.com/Love-Family/Parenting/2005/02/Do-Not-Spare-The-Rod.aspx 

It's interesting to note the technical and objective reasoning behind Proverbs 29:15 and the fact that Dr. James Dobson has approved paddling.  My hat is off to Doctor Dobson as he is truly a blessing to so many of us.