Not very well. At least not for large communities, or ones that want to live modern lives in the developed world.
Yes it’s quite possible to have small communities where everyone knows each other, then you can enforce rules through consensus and social pressure.
But it would be impossible to have large societies or to live in a modern developed world with no hierarchical structures.











Modern western society is already founded on the belief that nobody is inherently superior to anyone else. Now of course in practice this has not always been the case, and there still exist a lot of people who really don’t believe this is true. But the ethos is still there, and most people would tell you they believe in it.
To continue that, and to your second point, one of the biggest flaws in any system we create is that humans are not perfectly logical and rational actors. You can’t count on everyone always doing the right thing, even if they could all agree what “right” even means.