dosedit style command edit in UNIX?

[Dick Schlotfeldt]

The MS-DOS public domain TSR 'dosedit' keeps a circular
stack of recently executed commands. The user may retrieve the
most recent command with a single keystroke (up-arrow), next
most recent with an additional keystroke, etc. The user may also
edit a selected command with simple cursor motion and overtype
or character insertion.

Is UNIX so sophisticated that no one has been able to implement
such a simple-minded utility? 
No,
   no,
       no, .... not the flames!!  :-)

Thanks,
Dick Schlotfeldt       dick at cimcor.mn.org