I haven't read the other replies, so apologies if I repeat anything.
DS obviously isn't old enough to be disciplined at all, really. But, DP and I were both smacked as kids. My mum had a special bamboo stick with 'heat for the seat' and flames printed on it. Yes, it was designed for smacking children. DP's Dad from what I've heard was a b*stard, and would not only smack the kids, but his wife on occasion too. As a result of this I'm ok, but DP on the other hand has a whole other attitude. He thinks it's ok to smack your kids if they're misbehaving. I disagree.
IMO, smacking doesn't teach the child to respect you, it teaches them to fear your wrath. It only escalates the situation and adds violence into the mix. And, what do you do if the reason for smacking the child is because they behaved violently or hit another child? "We don't hit" *smack* (but I can hit you). What does that say to the child? It's all too confusing.
The only time I would physically discipline my child (anything more than a tap on the hand to get his attention, that is) would be if he was doing something seriously dangerous. But it'd have to be pretty shocking to make me hit him.
Bookmarks