Preheat the oven to 350 degrees
Brown 8 ounces of pancetta in a large braiser or Dutch oven and then transfer it onto a plate and set it aside
Cube 2 pounds of beef chuck and place into a medium bowl
Add 1/4 cup of all purpose flour, 1/2 teaspoon of salt, 1/2 teaspoon of onion powder, 1/2 teaspoon of garlic powder, 1/2 teaspoon of paprika and 1/2 teaspoon of freshly ground black pepper and mix until all of the beef is coated and well seasoned
Brown the beef in the fat rendered from the pancetta and then transfer it onto a plate and set it aside
Cook the carrots, celery, mushrooms and onions until they begin to soften and then transfer them onto a plate and set aside
Add the garlic and cook for 60 second, stirring constantly
Add the tomato paste and stir to combine
Add 1 1/2 cups of beef stock and scrape all of the brown bits from the bottom and sides of the pot to ensure that they are incorporated into the sauce
Add 1 tablespoon of cornstarch into the remaining 1/2 cup of beef stock and set aside
Add 2 cups of red wine and 2 tablespoons of brown sugar and bring the sauce to a boil
Once boiling, add the beef stock and cornstarch mixture and then turn off the heat
Transfer the browned pancetta, beef and softened vegetables into the sauce
Cover the pot and carefully transfer it into the oven on a rack in the medium to lower medium setting (depending on how tall your pot is)
Braise for 2 hours
Serve with mashed potatoes and garnish with finely chopped parsley