Heat a large heavy pot to medium heat and add the bacon. Cook until crisp, then remove bacon with a slotted spoon to a plate.
Meanwhile, pat the beef cubes very dry and season with salt and pepper on all sides. Dredge the cubes in the flour then shake off all of the excess. Sear the beef cubes in the bacon fat until browned on all sides (5-7 minutes) then remove the beef to a plate.
Add the onions to the pot and saute until they are translucent (about 8 minutes) then add the peppers and carrots and continue to cook for another 10 minutes.
Add the garlic and cook for 2 minutes or until fragrant. Add the caraway seeds and plum tomatoes and stir to combine. Cook for a few minutes.
Add the cooked bacon, beef, beef stock, bay leaves, and paprika to the pot. Bring to a boil. Once boiling lower the heat to a gentle simmer. Place the lid on top of the bottom leaving it partially cracked. Simmer for 90 minutes then remove the lid and simmer for another 30 minutes.
When the beef is almost tender remove the lid and add the potatoes. Continue to simmer until they are fork-tender (about 20-30 minutes).
Taste test the soup and adjust salt, pepper, and paprika to taste. For a thicker soup, mash some of the potatoes against the side of the pot with a wooden spoon and stir to combine. Add the parsley and serve.
