Corporal punishment does have it's time and place. If there is stone cold, hard evidence that a person committed a heinous crime, then we should use corporal punishment and not pay to keep them in jail their whole lives. We could find much more effective uses of our tax dollars than this.
Corporal punishment is cruel and inhumane treatment of people, and should not be accepted in the US or other countries. There are laws from the Constitution down that prevent cruel and unusual punishment against Americans, and corporal punishment violates them. In addition, hitting or striking people does not seem to be constructive forms of punishment.
There is a huge amount of literature suggesting that corporal punishments leads to a higher incident of self-esteem issues, violence, and psychological issues well into adult hood. Also, there is a growing body of evidence suggesting spanking leads to lower IQ scores in children. Finally, it's counterproductive. Kids that receive corporal punishment are more likely to misbehave than kids that aren't spanked or hit.