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Socialism is defined as an economic system in which the means of production belong to the community rather than the individual, and the wealth produced can be shared equitably by all.

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Detailed Solution

The above statement is True.
Socialism is defined as an economic system in which the means of production belong to the community rather than the individual, and the wealth produced can be shared equitably by all. Socialism was a set of ideas that were well known in Europe in the mid-19th century. Socialists opposed private property and considered it the root of all social evils of the time. In Indiana, Robert Owen aimed to create the cooperative community of New Harmony (USA). Louis Blanc favoured the promotion of cooperatives over capitalist businesses. Karl Marx held that workers needed to create a truly socialist society where all property was collectively managed in order to be freed from capitalist exploitation. Such a society would be communist.
In the 1870s, socialist ideas spread throughout Europe, and socialists formed an international body - the Second International.

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