Single-electron-transfer (SET) and two-electron-transfer reactions and their mechanisms were examined in the anionic polymerization of vinyl monomers and in the ring-opening polymerization of lactones. SET resulted in the formation of radical anions or enolates at the initiation step of styrene or lactone polymerization with naphthalene sodium as a catalyst. However, alkali-metal supramolecular complexes such as M+ crown-M- (M = Na or K) were able to transfer two electrons to both these monomers to form carbanions as reactive intermediates.