Some say ruling with fear is a bad thing, but you also rule with love. My dad (being a Pentacostal Reverend), would sit me down and tell me why what I did was wrong, then he would spank me with a leather strap, never with his hand and only on the butt. If you threw a tantrum and flailed your arms around, kicking and screaming, he would stop, wait until he knew he was only hitting butt (covered in clothes), then spank somemore if need be. Sometimes 3-5 swats, minimal punishment, up to 20 or so for the really bad stuff.
When the spanking was over, he would let you cry for awhile alone (sitting on the steps), then he would come out and tell you he loved you and that he was sorry for spanking you and explain why you were punished (as if you didn't know), give you a hug and tell you not to make the mistake again.
If this is wrong, then so be it. But if I have kids, they can expect the same.
My mom, on the other hand, was a little more ornery. She'd hit you when she was mad with whatever was near by. Broom, flyswatter, strap, wooden spoon, ruler... But dad was always in control of his emotions and did it to teach a lesson and make you affraid of the punishment, not himself.