Drag reduction by polymers had been discovered in 1949, and led to a number of important technological application. Nevertheless the mechanism of the phenomenon remained under debate. I will show that the phenomenon has universal and non-universal aspects. The former has to do with the so-called "Maximal Drag Reduction Asymptote" which does not depend on the nature of the polymer. The latter involves the cross over back to the "Newtonian plug", and these are functions of the polymer concentration, its degree of polymerization and what not. I will propose a theory that derives the universal aspects and explains the non-universal ones. The lecture will not assume any prior knowledge either in polymer physics or in turbulence.