A similar kind of a "delayed barter" economy did exist until recently in communist Bulgaria. Without any intervention from the government, people were exchanging items and doing mutual personal favours (sometimes against the law), all based on one's "social network".

Knowing the shopkeeper in the butchery meant that he could reserve the fresh meat for you once it gets delivered, while you, for example, as a car repair guy in a state enterprise would provide him with some parts for his Lada from any leftover quantities. It was a hidden parallel economy that was "boosting" the planned economy. No kind of accounting was taking place between the exchanging parties, people were doing it for their own interest in the long run.

These types of relations between people were (and still are) leading to many corrupt practices. A police officer or any kind of state representative would treat you differently if you were a part of their social circles. It's a toxic environment where you start putting greater value on connections rather than on actual work and self-development.