Consider the following statements about Socialism.
1. Socialism refers to a set of Political ideas that emerged as a response to the inequalities present in, and reproduced by, the industrial capitalist economy.
2. The main concern of Socialism is how to minimise existing inequality and distribute resources justly.
1
Only the statement 1 is correct
2
Only the statement 2 is correct
3
Both the statements 1 and 2 are correct
4
None of the above