Some people use the word "socialism" to mean public ownership of the means of production.

Some people use the word "socialism" to mean any economic system with a strong social safety net and public policies that reduce economic inequality (e.g. progressive taxation).

Is Sweden, home of Volvo, Ericsson, and H&M, socialist? That depends on your definition of "socialism."

It's fine to use the word in either way, but be clear about how you're using it.