Mix the pepper into the flour with a little salt on a plate. Cut the beef into large chunks, about 5 cm (2 inches) across, and coat with the flour.
Heat 2 tablespoons of the oil in a flameproof casserole and fry the beef in batches until browned on all sides, lifting out with a slotted spoon on to a plate.
Add the bacon and onions to the casserole and fry gently for 6–8 minutes until beginning to colour. Add any flour left over from coating and cook, stirring, for 1 minute.
Blend in the wine and stock, then return the beef to the pan with the tomato paste and caraway seeds. Bring to a simmer, stirring, then cover and cook in a preheated oven, 150°C (300°F), Gas Mark 2, for 1 hour.
Stir the beetroot, red cabbage and balsamic vinegar into the casserole and return to the oven for a further 1½ hours or until the meat and vegetables are very tender. Add a little salt if necessary and serve in bowls with soured cream and warmed grainy bread.