[KyleGoetz]

The problem is that "honor system" in Japanese is, AFAIK, 自主管理制度 or 無監督制度, and the Japanese word for "honor" literally never appears in either phrase. The kanji compounds mean "self management system" and "without-boss system," respectively.

So the phrase won't really sound like it does in English, because there is no repetition of "honor." Instead, it will sound to a Japanese like "there is no honor in a system in which everyone self-polices." Doesn't have that POP that it does in English, does it?

Something like 自主管理制度には名誉がない is a literal translation. Doesn't sound as "wise" in Japanese because the play on words isn't there.

Note: I had trouble figuring out which equivalent of "honor" to use in Japanese. Could be something like 信用, too, I guess. I'm not even sure the precise meaning of "honor" in the English phrase, either. It is more about trust/faith, or reputation, or what? That's what made it difficult to translate into Japanese for me. They're different words in Japanese, but the same word in English.