Cut beef into large (1") pieces. Season with ¼ teaspoon salt and ¼ teaspoon pepper.
Toss the chunks of beef in 1 tablespoon of all-purpose flour.
Pour 1 tablespoon of olive oil into a Dutch oven or large pot.
Over medium-high heat, brown the beef, turning to sear all edges.
The beef should be seared well and brown bits should form on the bottom of the pan.
Add ¼ cup red wine or beef broth to the pot. Use a wooden spoon to scrape the bottom to loosen the bits.
Add the Worcestershire sauce, soy sauce, beef broth, bay leaf, sliced garlic, and fresh thyme (optional). Cover. Simmer over low heat for 2 hours.
Prepare the vegetables leaving the potatoes whole if they are small, peeling and cutting the carrots into 1" pieces, cutting the onion into sixths.
Add the prepared vegetables and tomato paste to the pot.
Stir to mix everything together and simmer for an additional hour over low heat.
If the liquid is the right consistency for you skip this step. If not, make a cornstarch slurry by mixing 1 tablespoon of water with 1 tablespoon of cornstarch and pouring it into the pot. Stir as the sauce thickens.
Remove the stew from the heat and serve piping hot.