How do I go up one level in Windows 7 explorer?

Microsoft seems to make it harder and harder to go "up a level" in explorer with every release, and apparently have done away with it completely in Windows 7. Is there any way to bring back the "up one level" button in Windows 7?

Prior to Windows 7, the backspace key did this.

What about Alt+↑? Analogous to Alt+← and Alt+→ for backwards and forwards, respectively.

If you need to use the mouse, then rerun's answer probably is for you.

You can see the path tree in the title bar and can click on any of the directories.

You can use ClassicShell to get back the "Go up one level button" of Windows XP.

easy and fast, works on windows 7 and 8 ::

1 - install AutoHotkey

2 - use this script: pastebin.com/Qm6EdEXd

3 - done!, use Backspace key as milfs say

if you want to have the script (( .ahk file )) on a different folder than "My Documents" ::

1 - right click on desktop

2 - select New > Shortcut

3 - on "Destiny" field, set: "path/to/autokey.exe" "path/to/script.ahk"

4 - on "execute" field, set to "minimized" then click "Accept"

5 - move shortcut to C:\Users\MYUSER\AppData\Roaming\Microsoft\Windows\Start Menu\Programs\Startup (( more details ))

now this will be automatically executed on each window start

debate bonus, as someone pointed in some place ::

Of course it is true that [Backspace] means "Back" in most web browsers. But there is a significant difference: Your folder structure is a hierachical structure whereas most websites are only to a certain degree - they are more like a dialog system where "Back" and "Next" make more sense.

Or let me put it as a question: What benefit would I gain from the possibility to traverse the last 20 folders I visited? I sure can't think of any... In the web, that's another thing.

yea, it is the @MrZoolook answer explained P: