Mostly correct. However, socialism can and does work around the world. What has been shown to be a total failure is communism which is an extreme form of socialism. There is a very significant difference between the two. 

To an American point of view, Canada is very socialistic when actually on a world scale our form of socialism is extremely mild. Our health care system and our more "liberal" approach to social assistance and old age security flag us as being very left wing to our southern neighbours. But compared to the Scandinavian countries we are viewed as right wing.