Haha. Indeed...
The only way I can imagine it really working is in a world full of much better educated people.
With decent training, 99% of people would flourish. But today's crop of whiney, infantile, irrational morons... Well, shit.
It's theoretically possible, and all the mechanism's there with common-law, but most people are too well domesticated by their masters... They will overplay their hand though, evil always does.