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