Source : Webster's Revised Unabridged Dictionary (1913)

Chastisement \Chas"tise*ment\, n. [From {Chastise}.]
   The act of chastising; pain inflicted for punishment and
   correction; discipline; punishment.

         Shall I so much dishonor my fair stars, On equal terms
         to give him chastesement!                --Shak.

         I have borne chastisement; I will not offend any more.
                                                  --Job xxxiv.
                                                  31.

Source : WordNet®

chastisement
     n 1: verbal punishment [syn: {castigation}]
     2: a rebuke for making a mistake [syn: {correction}, {chastening}]