The kinetics of species in the aqueous phase control many events in emulsion polymerization: the rate of entry of free radicals into particles (equivalent to initiator efficiency), the rate of exit (desorption) of free radicals from particles, the fate of desorbed free radicals and of free-radical species derived directly from aqueous-phase initiator. Aqueous-phase kinetics also dominate particle nucleation and re-seeding (secondary nucleation), and the in situ formation of surfactant. The mechanisms of each of these events are discussed, and it is shown how general methods can be constructed to deduce the rate-determining events for each of these. The methodology is then applied extensively to styrene, which leads to the following conclusions. (a) The aqueous-phase events which govern entry (initiator efficiency) are propagation and termination, with entry occurring irreversibly when a critical degree of propagation z is reached so that the resulting species (a di- or tri-styrenesulfonate species in the case of styrene with persulfate initiator) is sufficiently surface-active that, once adsorbed onto the particle it does not desorb before it propagates; the actual adsorption event is sufficiently rapid so as not to be rate-determining except during nucleation. (b) Exit of free radicals is governed by transfer inside the particle to form a monomeric radical which may desorb and diffuse irreversibly away from the parent particle before it propagates therein. (c) The fate of desorbed free radicals in the wide range of styrene systems examined is to re-enter another particle and remain therein, rather than the other possible fates (aqueous-phase termination or re-exit until intra-particle termination eventually occurs). (d) Below the cmc, nucleation is by the homogeneous-coagulative mechanism, while above the cmc, nucleation is through a process which combines the essential features of both homogeneous-coagulative and micellar-entry models. (e) Analysis of the aqueous-phase products produced-in an emulsion polymerization shows that the species involved in termination, entry and exit also undergo subsequent reactions: hydrolysis and reaction with persulfate.