Sprinkle beef with salt and pepper. In a Dutch oven, heat oil over medium-high heat. Brown beef in batches. Remove with a slotted spoon.
In same pan, heat butter over medium heat. Add onion; cook and stir 2-3 minutes or until tender. Add garlic; cook 1 minute longer. Stir in tomato paste. Gradually stir in broth until blended. Return beef to pan; bring to a boil. Reduce heat; simmer, covered, 1-1/2 hours.
In a small bowl, mix flour and water until smooth; gradually stir into stew. Add carrots and turnips; cook, covered, 30-40 minutes longer or until stew is thickened and beef and vegetables are tender. Stir in parsley. Freeze option: Freeze cooled stew in freezer containers. To use, partially thaw in refrigerator overnight. Heat through in a saucepan, stirring occasionally and adding a little broth if necessary.