European traffic, order from chaos?

Some European cities are running trials of a new concept in urban traffic management. Seemingly the best way to ensure smooth flowing traffic, and to increase safety in town is to remove the rules, and depend totally on people being responsible.

This from The Spiegel:

"European traffic planners are dreaming of streets free of rules and directives. They want drivers and pedestrians to interact in a free and humane way, as brethren -- by means of friendly gestures, nods of the head and eye contact, without the harassment of prohibitions, restrictions and warning signs."

Would this work in Bangkok?

You can read more about it on The Spiegel.