Out with the old in with the new?

I have been thinking of late about how to incorporate relativity complex economic structures while at the same time allowing players the ability to choose their own path. I am considering a system where every country starts as a "barely functional state" and can change their country based on passing various laws and researching various technologies. This will mean that your country can take on a distinctly feudal, imperial, or even democratic feel. Players will not be as confined, that being said it will take a bit more work on the part of the player, that and it will increase game development time.

Just throwing the idea out there, thoughts?

Notes: This will not actually change the core economics of the game, many of the formulas and ideas will be carried over.

Edit: Examples

Players would initially choose from one of several "economic/government systems". Feudalism, Oligarchy, Empire, Republic, etc.

Each faction would have a very basic list of core rules that they follow. Players would then have an extensive list (50+) laws, regulations, and edicts to choose from. These choices would be divided up into one of several categories such as Economics, Civil Law, and Military. Of note, many of these laws would be mutually exclusive.

IE You cannot make the mayor of a town appointed by the king and then go on to pass another law that stated that the mayor was elected by all landowning persons. Obviously these two laws are contradictory and only one (or neither) can be in effect at any one time. Most likely the system will work on a "last law passed" system where the last law you passed took precedent, that being said the game would inform you that if you accept that laws a,b,c would no longer be in effect.

The laws WOULD HAVE A REAL AFFECT. For instance if you passed a law giving merchants more control over how cities are run then you will increase your tax revenue, but that law would also decrease the loyalty among city dwells to your central authority, which affects many things, such as military recruitment, willingness's to rebel, etc.