Round Table Discussion: The Difference between Punishment and Discipline #SpankingRound

Thank you to Thianna D for proposing today's Spanking Round Table Discussion topic and questions to consider. 

Topic: Discipline vs Punishment: What is the difference to you?

In many conversations and in spanking books, the terms discipline and punishment are used often interchangeably. But are they the same thing?
What does each word mean to you?
At what point do you think discipline/