Why is South Korea so much richer than North Korea?

I'm really curious about the significant economic gap between South Korea and North Korea. Both countries are situated on the Korean Peninsula, yet South Korea is known as one of the most advanced and prosperous economies in the world, while North Korea faces numerous economic challenges. Could you please elaborate on the reasons behind this disparity? I've heard about the historical and political differences between the two countries, but I'd like to understand how these factors have contributed to the economic divergence. Also, are there any potential solutions or initiatives that could help North Korea improve its economic situation and reduce the gap with South Korea?