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Wendin DOS is a clone of MS/PC-DOS that runs on 8088 machines, but offers multitasking on 386+.
Read the full story here
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The article, along with the period advertisements included, suggest that not only can the OS run on 8086/8088 computers, but the multitasking/multiuser features should work on them as well, not just for 386 and above.
Has anyone given it a try on a pre-386 machine?