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Hmm, thought it was known as esp or varients of that with most manufacturers now afaik. Traction control only stops the wheels spinning, ESP trys to stop you stacking it.
ESP is Electronic stability program. When the wheels are moving in an irregular fashion, the computer applies brakes to the individual wheels to stop it spinning. All done very fast so all you really notice is that the car isn't letting you accelerate or brake like you normally could..
Traction control just cuts power to the engine if the drive wheels are moving faster than the other wheels.