In IPython, why does the Exclamation Mark (!) not work as a command line entry?

Question

I understand (at least according to the textbook I am using) that in IPython, it is possible to run command line codes using the exclamation mark (!). So for example:

!pwd should result in /Users/my/current/working/directory

However, when I type this code, I get the following response:

'pwd' is not recognized as an internal or external command, operable program or batch file.

Instead, if I type pwd, then I do indeed get 'C:\\Users\\myworkingdirectory'

Could there be something wrong with my installation? (Or is the textbook wrong)?

I am using ipython having installed anaconda on a standard windows machine.