No, it doesn't work enough to handle the global market at its current level. When the transactions go high the fee also increases and the current network can't handle so many transactions. On Bitcoin's own network global level transactions would make fees very high and no one would even think about considering it as a way of payment with unimageable high fees.

I believe if Bitcoin has to go at global level for transactions then a layer 2 solution is mandatory to make that workable. The lightning network is going to be very beneficial if Bitcoin has to go for global transactions. The lightening network allows way more transactions then Bitcoin's own network and it doesn't get congested like Bitcoin network.