The variations in the microstructure of polydiolefins made with alkali metal catalysts can be adequately explained in terms of the nature of the bond between the metallic catalyst and the growing polymer chain. This bond, in alkali metal polymerization, is not a resonance hybrid of ionic and covalent states, but is a tautomeric equilibrium of covalent bonds and ion pairs. The size of the equilibrium constant is one of the factors controlling the microstructure of the final polymer. An additional factor is the degree of p character of the covalent bond. Variations in microstructure between polyisoprene and polybutadiene can be attributed to differing proportions of ion pairs. Similarities between Ziegler‐Natta and alkali metal catalysis are shown. Some predictions of relative catalytic activity of alkali metals were shown to correspond to observed reactions.