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My concern is based on my experience playing Vic 2 only, there's no any quotes that could prove the same for Vic 3. I would be happy to be wrong. By the way, could you point me to the quote that makes you believe there could be "tons of smaller markets" within a single country?
That’s not exactly what I said, but nonetheless I’m looking now for the quote, but it may have been in one of the podcast videos.

If I find the relevant discussion I will post it here. Needless to say from what I’ve heard/seen I don’t think British India and and the British Isles(or geographically separated regions in general) will be a part of the same market in the way that they were in Vicky2, but will instead have their trade bottlenecked through the capacity of shipping ports along with the availability of merchant marine shipping.
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Will Vicky3's economic system work more like reality, or more like ideologies claim?

Would it be possible to include realistic economic mode, and a fantasy one?

In the period Laissez-Faire dominated because non-intervention gave the greatest growth. The Communist economic system used before Leninism created more inequality in Russia than in the US and later it was estimated that during Fascist Italy, the total control of Fascism and in Soviet Russia came at the cost of half of GDP.

Will taxation cause less growth in GDP? And will taxation be realistic, that above a certain threshold there will be a point of diminishing returns?

Will there be humanitarian crisises due to economic mismanagement like hyperinflation?