Culture/Economy in Minecraft

I love reading about how economy works, and different cultures, and I had the idea of simulating a culture in Minecraft. Basically, if I could ever get a large amount of players on (about 10 or 15), I could make a government that would be built up by players. There would be a senate, made of 5 players, and they could vote for different things. They would also form the government, and sell plots out to people. Everything would start out with one building on and island with a lot of plots, and it would built up from there. In fact, that is why I used WorldPainter to make the island shown here. There would be some trees, some mountains for mining and hills for landscape. How getting ores would work, is a player would build a mine into a mountain, and I would come and place special ores like iron in the mine, which once chopped would come back an hour later. I may even give the government power to do that. The server would only be online once a week, where everyone would come on at once. I was even thinking of having a separate set of players on at a different day of every week, in the same map but on a different island. It could get quite interesting if they came in contact sometime. 

Every four weeks, 5 new senators would be chosen. Meanwhile, however, senators can vote out another senator to be replaced. If the senators were abusing their power by things like extorting resources from the citizens, then they would be banned or never be allowed to be a senator again.