It is not just buy backs though is it, take a look at Japan, the central bank owns more than 75% of all the stock, quantitative easing, such a cute name for what was and still is, central banks buying stocks and pumping the market, for their own benefit. Take a look at who the EU invests in via quantitative easing, and you will find it to be all the usual suspects companies.
Unethical to say the very least.
For sure, it would be an oversimplification to say that buybacks are the only factor here, but I chose to focus on this as it's one of the easier aspects that most people can wrap their heads round. Ever tried to explain derivatives? It can turn into a hot mess real quick. Yes, QE and austerity programs prescribed by IMF /World Bank / EU - for so many economies certainly plays a role in the widespread economic disfunction and disintegration across the globe.
I can understand your point of view yes, as most people have no idea how it all works.