The basic premises of such a system is a free but fair market, and a market built upon the foundation of local-based economies - as opposed to an abstract global corporate economy. Now that doesn't mean international trade is non-existant, far from it. Rather the notion is that local economic needs have to be taken care of first before one considers global trade.
The economist E.F. Schumacher referred to this as "economics as if people matter". And he also summarised its creed as follows: "small is beautiful".
That's about as simple as I can explain it at the moment, but so much more is involved.
If you want, I can post some interesting stuff on this if you're interested in further exploring it.