Absolutely yes. Without it, teachers are toothless. They command no respect. They cannot get the child's obedience and attention in any meaningful way - it's all carrot, no stick. What we have now are fat little runts with excellent vision and no motivation to do well, other than to 'please' the teacher!
Though I think that this sort of consumeristic, cuddly, individualism is an accurate representation of the broader society anyway.
But I was taught the rod, at home and at board, and it did me a POWER of good, I can tell you!