The Brazilian government has been trying to answer this very question in its ever-growing prison population, which has doubled since the year 2000.
85% of parents undermine their own efforts, nullifying the impact of a time-out.
When I was growing up in the late 70s to early 80s, hitting and spanking children wasn't so unusual. I was hit on several different occasions on the rump or the hand. We were also sent to our rooms. Later on, I remember time-out's becoming the norm for young children, who I assumed at the time, had it easy.