A generalization of the “constant overall organization” constraint of Eigen's quasispecies and hypercycle models, called herein “global population regulation”, is shown to lead to mathematically tractable spatial generalizations of these two models. The spatially uniform steady state of Eigen's quasispecies model is shown to be stable and globally attracting for all possible values of the mutation and replication rates. In contrast, the spatially and temporally uniform solutions to the hypercycle with fewer than five members, the only ones insensitive to stochastic perturbations, are shown to be unstable, and a lower bound to the spatial inhomogeneities is obtained. The prospect that the spatially localized hypercycle might be immune to various instabilities cited in the literature is then briefly considered. Although spatial localization makes possible a much richer dynamical repertoire than previously considered, it is also more difficult to understand how Darwinian selection of hypercycles could result in a unique genetic code.