Modern tragedy faces a number of challenges, many of them compiled in George Steiner's classic study The Death of Tragedy. This essay will add one more to Steiner's list: a crisis of action inaugurated by the rise of capitalism and given its first and clearest discursive form in the works of the classical political economists. In The Wealth of Nations, Adam Smith suggests that the prevalence of happiness or its opposite depends less on ethicopolitical actions than it does on economic production. Nations are wealthy or poor, and thus happy or not, according to how efficiently their populations make things, not how wisely or virtuously their members comport themselves. And for the individual, happiness comes to depend more on consumption than on the exercise of virtue, as it had formerly done in Aristotelian ethics. But if tragedy is, as Aristotle claimed, the imitation of an action, then the dethroning of action by production will simultaneously degrade the very substance of tragic drama. What happens to tragedy when the thing that constitutes it is diminished under conditions of capitalist modernity?