The Collaborative International Dictionary of English v.0.48:

Chastisement \Chas"tise*ment\, n. [From Chastise.]
   The act of chastising; pain inflicted for punishment and
   correction; discipline; punishment.
   [1913 Webster]

         Shall I so much dishonor my fair stars,
         On equal terms to give him chastesement! --Shak.
   [1913 Webster]

         I have borne chastisement; I will not offend any more.
                                                  --Job xxxiv.
                                                  31.
   [1913 Webster]

WordNet (r) 3.0 (2006):

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