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Heat the butter in a large pot over medium high heat. Add the onions and carrot and cook for 4-5 minutes or until just softened.
Whisk in the flour, stirring constantly. Cook for 1 minute.
Slowly add the chicken broth, whisking constantly. Bring to a simmer. Add the ham, corn, thyme and potatoes.
Simmer for 25 minutes or until potatoes are tender, stirring occasionally. Add the heavy cream and bacon. Cook for 5 more minutes. Serve.