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If you are close enough to smack your child when trying to touch something hot why not move them? If your hands can reach them while trying to run for the road, again...grab them. There are many different ways to teach our children without using force.
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When people explain that they have used spanking or a smack on the hand as a method to teach "no" to dangerous situations such as grabbing something hot, sticking something in a socket, or attempting to run out into the road... they are referring to wanting to be SURE that the child will not attempt to do this again when the unfortunate circumstance happens where mom isn't fast enough, or when they are in someone else's company who perhaps isn't as vigilant as mum is...
No matter what... no matter how vigilant you are.... no matter how attentive you are... these things can happen unless
1.) your child is strapped to you at ALL times
2.) your child is never, ever under anyone else's supervision
That ^^ is a rare situation, I'm assuming.
So yes, you could pull your child out of the way, remove them from the situation... and that keeps them safe
in that moment...but the purpose of the swat on the hand that has been mentioned in those situations is to teach the immediate association of "this action = OW!"
I have mentioned before... I personally only see the point/benefit of this during the short interim period where baby is mobile but hasn't learned yet what "Ow!" means. A smack on the hand right by that hot oven with a vehement "Ow!" will teach them the word "Ow!" very quickly ('ow' means it will hurt me). After that, you only have to whisk the child's hand away and say "No. Ow!!" in another situation like that, and they'll usually get the point.
It is a teaching tool... not cruel, not forcing, not a power struggle, not a belittlement.