They are related in function but not at all the same thing.
LSD is a Limited Slip Differential. Your engine spins the rear wheels. But not directly. It is through a differential. You need one. See-
http://auto.howstuffworks.com/differential.htm
The LSD shifts the differential to limiting how much power is applied to the wheel that is spinning more. So you get the power MORE equally applied to both driving wheels on corner exit. Which allows you to power down more/earlier, specially on tighter turns. There are a couple of different kinds of LSD.
TC is Traction Control. If the car starts sensing one wheel spinning a lot more than the other, there are various ways to try to get the car to control that traction...some more sophisticated or effective than others. They can use the brakes individually on a wheel for example. On the Lotus, the TC uses the throttle control.
http://auto.howstuffworks.com/28000-...-explained.htm