Season beef with marinade and toss the meat in flour. Heat oil or butter in a heavy saucepan. Add onions, garlic, caraway seeds and paprika. Fry until onions turn soft.
Add marinated beef. Cook until meat is browned. Stir in tomato paste and cook for one to two minutes. Stir in water and beef stock, and bring to a boil. Reduce heat and simmer for one to one and a half hours.
Add potatoes and capsicums. Cover and simmer for 25 to 30 minutes or until potatoes are tender. Stir in tomatoes, ground black pepper, marjoram and thyme and cook until just heated through. Dish out and serve with plain rice.