Season beef with 2 tsp. salt and 1/2 tsp. pepper. Set aside for at least 30 minutes at room temperature, or chill in the fridge overnight.
In a large Dutch oven or heavy-bottomed skillet with a tightfitting lid, cook the bacon over medium-low heat until fat is rendered and the bacon is browned and crisp; about 10-15 minutes.. Transfer with a slotted spoon to a paper towel lined plate. Reserve the fat in the pan.
Heat oven to 350 degrees. Raise the heat under the pot to medium high and heat until the fat is starting to smoke. Lay half the beef cubes in a single layer in the pot, leaving space between the pieces. Cook until well browned on all sides; 10-15 minutes. Transfer the pieces to a plate as they brown. Repeat until all the meat is browned,
Reduce heat, if necessary to prevent burning and stir in shallot, carrot, remaining salt and cook until soft; about 10 minutes. Stir occasionally. Deglaze with 1 3/4 cups beef broth.
Stir in garlic, tomato paste and cook for 1 minute. Stir in flour, cook for 1 minute, then add wine, bay leaf and thyme, scraping up brown bits at the bottom of the pot. Add the browned beef and half the cooked bacon. Cover and transfer to the oven. Let cook until the beef is very tender; about 1 1/2 hours, stirring occasionally.
Meanwhile, in a large skillet set over high heat, combine the pearl onions, mushrooms, 1 1/4 cup beef stock, olive oil and a pinch of salt, pepper and honey. Bring to a simmer. Cover. Reduce heat and cook for about 10 minutes to soften the veg. Uncover. Raise heat to high and cook, tossing frequently until he veg are well browned; about 5 to 7 minutes. To serve, over mashed potatoes, scatter the shallots and mushrooms and remain bacon over the stew. Top with parsley. This is not baking. Take liberties. Add more or less wine. More or less beef broth. Interesting herbs. Other veg. Chef Escoffer is the King, but we can also get bold.