Do all markets function the same way around the world

NO. All market is not the same around the world or everywhere and they are different with each other. Unfortunately, markets do not function, it's the people. Quora mentions "function of the markets", a figure of speech because abstracting human behavior to the behavior of the system is useful, as long as we do not forget that it is an abstraction and not a real thing. It is easier to understand "the functioning of the market" rather than "what happens when people interact with each other" as markets are the interactions of people.