There's ambient occlusion that computes light intensity with high spatial resolution, but completely handwaves the direction the light is coming from. OTOH there are environment maps that are rendered from a single location, so they have no spatial resolution, but have precise light intensity for every angle. Cascade Radiance observes that these two techniques are two extremes of spatial vs angular resolution trade-off, and it's possible to render any spatial vs angular trade-off in between.
Getting information about light from all angles at all points would cost (all sample points × all angles), but Radiance Cascades computes and combines (very few sample points × all angles) + (some sample points × some angles) + (all sample points × very few angles), which works out to be much cheaper, and is still sufficient to render shadows accurately if the light sources are not too small.