That's Marxism, and that definition is over 100 years old. Politics has moved on. Modern socialism is simply a larger central government providing more public services than a typical conservative government.

It's also worth noting that Marx included things like national infrastructure in his definition of "means of production", and I haven't noticed that many privately owned roads in the USA... Maybe you're not quite as far from socialism as you'd like to believe.

Public services in social democracies fit that definition.