Links are the foundation of the web. Google values links and backlinks, but it's giving more weight to authority backlinks over spammy links. Google has sent strong signals in its latest updates that it hates spam.
not really backlinks are like the back bone but still social linking is taking over but you cant count backlinking out of the process.
Google is always trying to place well deserved sites against those trying to obtain an dge with automation, which is good for those who produce quality content as opposed to mass quantity and backlinks