Place the cut meat in a large zip lock bag and add in the salt, garlic powder, onion powder, close the bag and toss until well coated. Next, open the zip lock, add in the flour, close and toss again until well coated.
Heat the olive oil in a large pot over medium-high heat and sear on all sides, for a total of 7-8 minutes. Transfer to a plate and set aside. Next, add in the onion and sauté for 3-4 minutes. Add in 1 tbs of butter. Stir in the garlic for 30 seconds. Stir in the tomato paste for 1 minute. Add the meat back in and stir to coat. Pour in the broth, red wine, Worcestershire, spices listed above, bay leaf and thyme. Bring to a boil and lower heat to a simmer. Cover the pot and cook for 1½-2 hours (stirring occasionally), or until the meat is break-apart tender.
Add the potatoes, carrots, peas during the last 20 minutes of cooking. Add in the cornstarch slurry (if using), and cook and stir for 5 more minutes until the broth thickens. Stir in the extra tablespoon of butter when everything is done cooking. Taste and adjust seasonings if needed.