A significant body of evidence indicates that particles with excessively high or low mobility relative to Brownian particles form in dynamic equilibrium in glass-forming liquids. We examine whether these "dynamic heterogeneities" can be identified with a kind of equilibrium polymerization. This correspondence is first checked by demonstrating the presence of a striking resemblance between the temperature dependences of the configurational entropy s(c) in both the theory of equilibrium polymerization and the generalized entropy theory of glass formation in polymer melts. Moreover, the multiple characteristic temperatures of glass formation are also shown to have analogs in the thermodynamics of equilibrium polymerization, supporting the contention that both processes are varieties of rounded thermodynamic transitions. We also find that the average cluster mass (or degree of polymerization) varies in nearly inverse proportionality to s(c). This inverse relation accords with the basic hypothesis of Adam-Gibbs that the number of particles in the cooperatively rearranging regions (CRR) of glass-forming liquids scales inversely to s(c) of the fluid. Our identification of the CRR with equilibrium polymers is further supported by simulations for a variety of glass-forming liquids that verify the existence of stringlike or polymeric clusters exhibiting collective particle motion. Moreover, these dynamical clusters have an exponential length distribution, and the average "string" length grows upon cooling according to the predictions of equilibrium polymerization theory. The observed scale of dynamic heterogeneity in glass-forming liquids is found to be consistent with this type of self-assembly process. Both experiments and simulations have revealed remarkable similarities between the dynamical properties of self-assembling and glass-forming liquids, suggesting that the development of a theory for the dynamics of self-assembling fluids will also enhance our understanding of relaxation in glass-forming liquids.