The M.I. Tugan-Baranovsky’s view on the national factor role of economic development is considered in the article. His relevant works on political economy and the unknown article on anti-Semitism are analyzed. His public activities and memoirs are considered. The contrast between nationalistic ideas and Tugan-Baranovsky’s ethical principles based on Kantianism is shown. The distinctions between his theoretical position on the national aspects of economics and positions of K. Marx, F. Engels, V. Sombart and P.B. Struve are shown. The author came to conclusion, that M.I. Tugan-Baranovsky’s social views do not include nationalistic elements.