Why don't we parade criminals in shackles and chains to serve as warning to others?
You are trying to answer your question in the wrong way. What is important to understand, first off, is why you ask. You are looking for a solution to crime but in the wrong place. You make the assumption that crime is a calculation, is how much I can commit worth the risk, that crime is factored against fear. You have an unexamined assumption that crime should be stopped by deterrence and the likely reason is that you don't want yourself or others to become a victim of it.
Once you have some of your hidden assumptions out in the air you can begin to really think. Why do people commit crimes and why do we want to stop them? The answers to these questions will require self knowledge.
Do why do people commit crimes? Is it not to scratch some kind of itch, to have what one doesn't have via theft, make somebody hurt because they hurt you or not, have sex, seek some other pleasure, escape this or that pain, etc? Crime is a mental state in which a mind feels need. But there are real needs and illusory ones, ones that have been inculcated, created, and instilled. Do we hold the mother who steals bread for her child in the came contempt as a charity raider? I think what we really care about is crime from selfish people, people with emotional needs that can't satisfy in a sanctioned manner and hurt others to satisfy themselves, people, as it were, who seem to have no shame, when what that really means is people who have no real self respect, folk who hate themselves and act out those feelings.
So what we come down to in the end are mental health issues and those require, not punishment and humiliation, but a psychotherapy that can yield self healing and personal emotional development and ego self repair.
I believe this is the kind of understanding that begin to occur with the Enlightenment and formed some of the basis of our Constitution with it's proscription against cruelty. The mind is sick because of hate and the hate of those who are victims of crimes can be quite criminal itself.