This sounds familiar to the traffic models in some parts of large Asian cities, although more as an organic result of a lack of planning solutions? :P

Writing based on the experience in e.g. Kathmandu's Thamel district, where the same tiny roadways are shared by all pedestrians, bicycles, rickshaws and dual-way taxi and moped traffic alike. Traffic signs??

It's a totally different traffic culture to what you're used to in Europe, and it does work in its own way.