Preheat the oven to 325 degrees F.
Season the chuck with the salt and pepper, to taste. In a large oven safe Dutch oven (prefer porcelain coated cast iron) over medium-high heat, add the olive oil and heat until just smoking. Add the beef in batches, being careful not to crowd and be sure to brown the meat on all sides. Remove the meat from the pan to a baking sheet, or something that can catch the juices. Add the onions and carrots to the Dutch oven and pan and cook for 5 to 6 minutes, the moisture from the onions will loosen the fond, so stir often. Add the peppers and the shallots and cook until caramelized and all of the liquid is evaporated. Stir in the tomato paste and allow to cook out the raw acidic flavor, about 1 minute. Add in the caraway, sweet and hot paprika, the red chili flakes, the marjoram, and thyme. Deglaze with the balsamic and let reduce for 2 minutes. Slowly add the stock, then add the beef and any juices collected from the meat. Add the bay leaves, season with salt and pepper, to taste, and stir gently to combine. Cover and cook in the preheated oven for 2 hours, stirring occasionally. Adjust the seasoning with salt and pepper, to taste, and serve with Grilled Polenta, if desired.