I prefer talking, we don't even do timeouts. I know that probably horrifies some people. But I have a very well-behaved and respectful little girl who isn't afraid of her parents; she's afraid of disappointing them. Truly the most effective thing I could do to get her to listen/understand that she's done something wrong is to tell her that she's upset me and that we need to talk about why. She can empathize with me, she trusts me, and she doesn't want to let me down. She's always quick to apologize and listens to me when I'm explaining why something she did isn't allowed or okay, and I always get her to repeat it back to me in her own words so that I know she's taking it in. I want her to know WHY the things she does makes people upset so that she can act based on an understanding of right/wrong and not just a fear of consequences. It's simple internal vs external motivation and internal motivation is always more sustainable and reliable. You do/don't something because you BELIEVE in it (ie. "I'm not going to throw my toys at the dogs because it might hurt them and I don't want to hurt them") and not because you don't want to suffer the consequences (ie. "I'm not going to throw my toys at the dogs because mom and dad might hit me").
I suppose you could spank a kid and then talk to them about the issue but I'm not sure what the point is, doesn't seem like a super productive way to start communication and you're taking focus away from the discussion which is probably not what you want.
Not to mention the rapidly increasing amount of studies that show that spanking is not effective and potentially harmful long-term. I find it especially ridiculous when spanking is used as a form of discipline for any kind of violence. I'm hitting you because hitting people is wrong. Har har.
My parents never laid a hand on me and never threatened to, and I was damn well near the best behaved teenager I knew. I did well in school, my teachers liked me, I never got into trouble, I didn't drink or party or sneak out of the house. I also *think* I'm generally a pretty nice and good human being who cares about and respects others. So, in my experience, I'm living proof that spanking isn't necessary to raise a good kid and a respectful adult.