UNIX equivalent to DOSEDIT ??

[phd_jacquier at gsbacd.uchicago]

Hi, 
I am a beginner at UNIX and have the following question.
Why is there not a simple way to recall, edit and reissue old commands
like in DOS with dosedit or scrollrecall, or in VMS ?

It seems to me that it's a basic convenience that is unavailable in UNIX.
frankly it blows my mind.
There must be something trivial I am missing but I have asked everybody around
and nobody has anything to suggest. 
(History is not satisfactory since it does not allow the quick review and 
editing of previous commands).

Thanks
Eric