The familiar “up” arrow from previous versions of Windows is missing from Windows 7. You can still head up to a higher directory with the Alt+Up keyboard shortcut, but if you’d like the actual button back, you can restore it with Classic Shell
The FreewareGenius site details how to use the Classic Shell utility to restore the up-pointing arrow to your Explorer toolbar, without changing anything else. In other words, everything else about Windows will stay in place, but you’ll get a button that many folks find helpful for heading back up one level in the directory structure. We’ve previously pointed out Classic Shell’s Start menu replacement, but this explorer modification is also worth checking out for fans of how Windows used to get things done.
How to add a “go up to parent folder” button in explorer for Windows 7 and Vista [Freewaregenius.com]