I am not that familiar with Python, but from what I know about Python metaprogramming, you could actually do it pretty much the same way it is done in Ruby.
In Ruby, a module basically consists of two things: a pointer to a method dictionary and a pointer to a constant dictionary. A class consists of three things: a pointer to a method dictionary, a pointer to a constant dictionary and a pointer to the superclass.
When you mix in a module M into a class C, the following happens:
- an anonymous class
α is created (this is called an include class)
α's method dictionary and constant dictionary pointers are set equal to M's
α's superclass pointer is set equal to C's
C's superclass pointer is set to α
In other words: a fake class which shares its behavior with the mixin is injected into the inheritance hierarchy. So, Ruby actually does use inheritance for mixin composition.
I left out a couple of subleties above: first off, the module doesn't actually get inserted as C's superclass, it gets inserted as C's superclasses' (which is C's singleton class) superclass. And secondly, if the mixin itself has mixed in other mixins, then those also get wrapped into fake classes which get inserted directly above α, and this process is applied recursively, in case the mixed in mixins in turn have mixins.
Basically, the whole mixin hierarchy gets flattened into a straight line and spliced into the inheritance chain.
AFAIK, Python actually allows you to change a class's superclass(es) after the fact (something which Ruby does not allow you to do), and it also gives you access to a class's dict (again, something that is impossible in Ruby), so you should be able to implement this yourself.