Google, the king of online search engines, evolved its algorithm to determine serp rankings. Backlinks happen to play a major role determining a website page's importance for different keywords. Google algorithm seem to pretend nobody would sell links, nobody would buy votes on social networking site; meaning the whole linking structure would be natural. In reality we all know that is not the case.
In reality Google also realizes the use of money to bias rankings. In many cases Google people suggested not to buy sell links for ranking.
I personally think the solution to this problem is not putting too much weight on backlinks. Rather weight on content would be much viable solution. So far Google does not have a solution like that. But in near future we may see that. What you guys think?
Take this search for example sandals - Google Search
Guess what #1 website is not even related to sandal(shoes). Its Caribbean Resorts website sandals.com!
Even if we ignore that one we can see less known sites like pipersandals.com etc rank better then much more authority sites like zappos.com, chacousa.com etc.
This is only one example of how Google's algo is not working ok.